Drudge Retort: The Other Side of the News
Monday, September 26, 2022

Rep. Zoe Lofgren (D-Calif.) signaled in a letter to colleagues that legislation banning congressional lawmakers from trading stocks will include Supreme Court justices. Lofgren, the chair of the House Administration Committee, outlined a framework for "Combating Financial Conflicts of Interest and Restoring Public Faith and Trust in Government" in Thursday's letter, with the first prong pertaining to a stock trading ban for "senior government officials," their spouses and their dependent children. That group of officials, according to Lofgren, includes members of Congress and the Supreme Court.



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Jeez. The job's hardly worth it, then.

#1 | Posted by Zed at 2022-09-26 11:49 AM | Reply

Hell yeah.

#2 | Posted by Tor at 2022-09-26 02:59 PM | Reply

This won't pass the Senate.

#3 | Posted by ClownShack at 2022-09-26 03:05 PM | Reply

Is this really something Congress can do to the Judicial branch, given Separation of Powers?

#4 | Posted by snoofy at 2022-09-26 04:48 PM | Reply | Funny: 1

Legislative Branch makes the laws.

Judicial branch can deem it unconstitutional.

But. By my understanding, yes it's within their powers.

#5 | Posted by ClownShack at 2022-09-26 04:59 PM | Reply

As an investment professional working for a registered investment advisor, I am required to do, among other things, the following:
-report my holdings on a quarterly basis
-obtain pre-clearance on some trades
-recognize our 'restricted' list of securities and NOT trade in any such security on that list

These standards and restrictions are common among firms conducting themselves in an ethical, above-board manner, especially those following rules and guidelines put forth by organizations such as the CFA Institute (of which I am a member). There are no such restrictions for investments in open-ended mutual funds or bank certificates of deposits, which are (other than my home) the whole of my investment portfolio.

I think the proposed legislation is great. I suspect it will never pass.

A wide variety of elected and government officials in this country should be bound by rules, regulations and guidelines like those by which my investment conduct is bound. Doing so is for the better protection of the investment public, and the greater public. Assuming the proposal is shot down, I recommend the proposal be amended to allow a wide range of investment and no restrictions on trading, with the understanding that all trades by an investor, for their own account or where they have a beneficial interest, be pre-cleared by some central clearinghouse, and be immediately disclosed to the public. Further, the full investment holdings of every politician, judge and federal official be fully disclosed, to the penny with supporting bank and brokerage statements, on a quarterly basis. Holdings in open-ended mutual funds and bank certificates of deposit need not be reported.

Want to hide your money? Here's a way. Want to trade as you please? Here's a way. Want to NOT report? Here's a heavy fine, payable now, and to include a disgorgment of all profits. We'll see who the honest folk are, and who is operating in the shadows...

#6 | Posted by catdog at 2022-09-26 05:30 PM | Reply

How about just making a congressional webpage where they have to self-report their trades/purchases within 24 hours of making them.

#7 | Posted by lfthndthrds at 2022-09-26 05:49 PM | Reply | Funny: 1

It should be expanded to include no honoraria, no gifts outside the family, no free trips/vacations, and if they give a speech they pay their own way and pay for the meal.

Government employees designated as procurement officials are similarly restricted.

If they can't live on the government salaries and benefits they should seek employment elsewhere.

#8 | Posted by TenMile at 2022-09-26 06:39 PM | Reply

Gone would be one of the main reasons to run for Congress. If we don't allow these ----------- get rich via insider trading, we will end up getting the congressmen we pay for: poor ones. It's a problem.

#9 | Posted by FasterDisaster at 2022-09-27 12:19 AM | Reply

Great idea, but asking the foxes to cut themselves off from accessing the chicken coop is a tough sell.

#10 | Posted by Doc_Sarvis at 2022-09-27 04:29 AM | Reply

How about just making a congressional webpage where they have to self-report their trades/purchases within 24 hours of making them.

Yeah! That'll work!

#11 | Posted by jpw at 2022-09-27 01:43 PM | Reply | Funny: 1

#11 | POSTED BY JPW AT 2022-09-27 01:43 PM | REPLY | FLAG

"according to Stephen Gillers, a professor at NYU School of Law. Thomas' omission " which could be interpreted as a violation of that law " could lead to some form of penalty, Gillers said."

Loosely worded nonsense.

Hows the prosecution of Trump and Gaetz going? Anymore updates from the Rolling Stone?

#12 | Posted by lfthndthrds at 2022-09-28 09:02 AM | Reply

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