Most Popular

Representative Pat Fallon, a Republican from Texas, is pushing for a bill that would make it illegal for Congress members as well as their spouses to trade individual stocks.

The Daily Caller shared a copy of the plan. The text of the bill says that politicians as well as spouses would not be able to purchase or sell a “covered financial instrument,” known as a bond “as outlined in section 3(a) in the Securities Exchange Act of 1934.”

According to the legislation, several financial instruments would not be considered “covered financial instruments,” including mutual funds, exchange-traded funds, bonds, U.S. Treasury bills, and notes, as well as “any investment fund placed in a State, Federal, or local government employee retirement plans.”

As compensation for their work, a spouse of a member of Congress may receive a “covered financial instrument” from their spouse’s primary occupation during the duration of their employment in that occupation, according to the measure’s language, which goes into effect one year after the spouse of the member of Congress starts working in that primary occupation.

The people who broke the rules would have to pay a fine of either “$25,000 for each violation” or the value associated with the financial object that was purchased or sold, whichever fine is higher.

“There’s no doubt that some members want to use their power to get rich and help their families. Still, more individuals make honest errors when they try to figure out the often-confusing reporting rules. The media has turned into a cottage business that often doesn’t talk about bad players but instead criticizes innocent mistakes for political reasons.” Fallon stated to the Daily Caller, “To put an end to every bit of this, we should just pass a law that makes it abundantly obvious that members of Congress are not allowed to trade individual stocks at all.”

“To get people to trust Congress again, the Insider Trading Prevention Act is a very important first step. This is straightforward, easy to comprehend, and will get rid of all good faith mistakes, but more importantly, egregious self-promotion and insider trading,” he told the source.

Author: Scott Dowdy

Most Popular

These content links are provided by Content.ad. Both Content.ad and the web site upon which the links are displayed may receive compensation when readers click on these links. Some of the content you are redirected to may be sponsored content. View our privacy policy here.

To learn how you can use Content.ad to drive visitors to your content or add this service to your site, please contact us at [email protected].

Family-Friendly Content

Website owners select the type of content that appears in our units. However, if you would like to ensure that Content.ad always displays family-friendly content on this device, regardless of what site you are on, check the option below. Learn More



Most Popular
Sponsored Content

These content links are provided by Content.ad. Both Content.ad and the web site upon which the links are displayed may receive compensation when readers click on these links. Some of the content you are redirected to may be sponsored content. View our privacy policy here.

To learn how you can use Content.ad to drive visitors to your content or add this service to your site, please contact us at [email protected].

Family-Friendly Content

Website owners select the type of content that appears in our units. However, if you would like to ensure that Content.ad always displays family-friendly content on this device, regardless of what site you are on, check the option below. Learn More

Comments are closed.

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!