#sen. Richard Burr

[popolitiko]

Jon Stewart Gives Sen. Robert Menendez a Corruption Lesson

Jon Stewart digs into the trial of comically corrupt Senator Robert Menendez of New Jersey, and in a new segment called "How Dumb Is You?" asks the senator how he got caught engaging in such obvious illegal corruption, while government officials like Nancy Pelosi, Richard Burr, and Roy Blunt have been getting away with legal corruption for years.

Comments

Accepting bribes? What does he think he is, a Supreme Court justice?

You might wanna look up Last Week Tonight's episode on Journalism. Because this is not it. The papers, reporters and news segments that Jon inserted and quoted here are the journalism. And by that I don't mean to diminish him, the TDS or other such shows. Making such news easy to understand and entertaining is a very important aspect of letting the population know these things. It's simply even more important to understand where the information comes from and not to forget about these hard working people, who find out the truth for all of us.

This is what actual journalism looks like.

You don't know what journalism is. This is a comedy show.

Bingo! Seriously people, do you not get that Stewart is only COMMENTING on known stories and issues and he is doing that by QUOTING OTHER JOURNALISTS who've already done the hard work? Are Americans that dense?

How sad is it that yall dont get sarcasm. How dumb is yall?

Actually, they’re both journalism. It’s not an either/or proposition. This is more than just commentary. Journalism both includes on-the-ground primary source reporting and the compiling and contextualizing of factual information into larger coherent reports on aspects of the world… which this absolutely counts as.

But go on, everyone loves a sanctimonious gatekeeper.

If you’re going to accuse an entire group of people of being “dense,” the accusation shouldn’t immediately follow a smug tirade in which you mischaracterize what you’re talking about.

He relies on actual news reporting for his segments. So, that's actual journalism, and this is actual commentary on actual journalism.

[arpov-blog-blog]

..."Senate Republican Leader Mitch McConnell (R-Ky.) lost a significant battle to former President Trump and his supporters with the collapse of the bipartisan border bill Tuesday, underscoring how his control of his conference is increasingly on difficult ground.

McConnell argued to colleagues last week that the border legislation would crack down on the huge flow of migrants across the border and possibly would be the last chance for years to reform outdated immigration and asylum law.

But he faced a big political headwind from Trump, who repeatedly called on GOP lawmakers to reject any deal that didn’t give them “everything” they wanted.

Trump on Monday declared on social media that “only a fool, or a Radical Left Democrat, would vote for this horrendous Border Bill” and blasted it as “a great gift to the Democrats, and a Death Wish for The Republican Party.”

In the end, McConnell acknowledged there was no path forward for the bill, a turn of events that left serious questions over whether Congress would approve new funding for Ukraine in its war with Russia, a key priority for the Senate GOP leader.

There are a couple of big factors that explain why it is becoming more difficult for McConnell to steer the GOP in his preferred direction.

He’s certainly feeling the absence of longtime allies who have retired from the Senate and could be counted on in the past to get major bills passed: former GOP Sens. Roy Blunt (Mo.), Rob Portman (Ohio), Richard Shelby (Ala.), Richard Burr (N.C.), Pat Roberts (Kan.) and Lamar Alexander (Tenn.).

Many of them have been replaced with more MAGA-aligned Republicans who won election to the Senate with Trump’s backing."

[newswireml]

Lawmakers renew push for stock trading ban at House Administration hearing#Lawmakers #renew #push #stock #trading #ban #House #Administration #hearing

Pressure for Congress to act intensified after several lawmakers were accused of dubious deals. The Justice Department took up, then dropped, an investigation into the trading by former Republican Sens. Richard Burr of North Carolina, Kelly Loeffler and David Perdue of Georgia, and sitting Sen. John Hoeven, R-N.D., in the time leading up to the pandemic after being briefed on its potential to…

[orvillemoben]

Justice Department seized Sen. Burr’s phone over ‘well-timed stock sales’

The Justice Department launched a criminal insider-trading and securities fraud investigation of Sen. Richard M. Burr (R-N.C.) over what the FBI called “well-timed stock sales” at the outset of the COVID-19 pandemic in 2020, according to a partially redacted warrant released Monday evening.

The Los Angeles Times successfully sued for access to the warrant under the Freedom of Information Act, then fought the extensive redactions made by the department.

In late August, Chief U.S. District Judge Beryl A. Howell ordered the Justice Department to file a new version of the warrant with fewer redactions and additional information on what evidence it relied on to seek the warrant but accepted the department’s request to keep certain third-party witness information and law enforcement techniques under seal.

“We’re pleased to see that these less-redacted filings provide the public with additional insight into the government’s investigation. While some redactions remain, the public now has a much clearer picture of the government’s basis for executing a warrant for Sen. Burr’s cellphone,” said Katie Townsend, an attorney for The Times who works for the Reporters Committee for Freedom of the Press.

Howell has asked the government to make an additional filing Wednesday so she can evaluate the remaining redactions. Townsend said lawyers for The Times and Reporters Committee for Freedom of the Press are also reviewing the redactions.

A spokesman for the U.S. attorney’s office for the District of Columbia declined to comment.

The May 2020 warrant request to search Burr’s cellphone said that in February of that year, while the government was downplaying concerns about COVID-19 in the U.S., Burr sold 95% of his holdings in his individual retirement account and 58% of the holdings in wife Brooke Burr’s IRA. He also purchased $1,189,000 in the Federated U.S. Treasury Cash Reserves Fund using 76% of the total holdings in the joint account held by him and his wife.

“His portfolio went from approximately 83% in equities to approximately 3% in equities. Beginning on February 20, 2020 — six days after Senator Burr’s sale of the majority of his equity — the stock market endured a dramatic and substantial downturn,” FBI special agent Brandon Merriman said in the affidavit used to justify the search. “In total, Senator Burr avoided more than an estimated $87,000 in loss as a result of his well-timed stock sales, and profited more than $164,000.”

Burr’s brother-in-law Gerald Fauth sold about $160,000 in stocks after speaking and texting with Burr, the affidavit states.

The 38-page FBI affidavit argued that the mid-February timing of sales of stock held by Burr, his wife and Fauth was suspicious and stated that agents were looking for text messages and other communications about the stock sales as part of an investigation into whether Burr violated a law preventing members of Congress from trading on insider information they glean from their official work.

The partially redacted version of the warrant provides few details on what nonpublic information Burr, then chairman of the Senate Intelligence Committee, had about the pandemic prior to his stock sales. He stepped down from the committee shortly after The Times broke news of the search warrant.

Burr and other senators received briefings from U.S. public health officials before the stock sales. Several of them, including California Democrat Dianne Feinstein, were scrutinized by the Justice Department for potential violations of congressional insider-trading rules for selling or purchasing stock at the start of the pandemic. Burr’s was the only case in which a warrant was obtained.

Burr was never charged with crimes connected to the trades. The Justice Department confirmed in its June court filings that it dropped the investigation in January 2021. A month later, The Times filed its lawsuit, arguing that the records should be made public to explain the department’s unusual decision to pursue a warrant against a sitting member of Congress.

[insideusnet]

Ex-Sen. Burr: SEC Probe Into Trading Over With 'No Action' : Inside US

Ex-Sen. Burr: SEC Probe Into Trading Over With ‘No Action’ : Inside US

RALEIGH, N.C. (AP) — The U.S. Securities and Exchange Commission has concluded its investigation of former North Carolina Sen. Richard Burr related to investment sales early in the coronavirus pandemic without taking any action, Burr said on Friday. Burr, a Republican who didn’t seek reelection in November after three Senate terms, and Gerald Fauth, the brother of Burr’s wife, had been…

[wuyongying]

Justice Department seized Sen. Burr’s phone over ‘well-timed stock sales

The Justice Department launched a criminal insider-trading and securities fraud investigation of Sen. Richard M. Burr (R-N.C.) over what the FBI called “well-timed stock sales” at the outset of the COVID-19 pandemic in 2020, according to a partially redacted warrant released Monday evening.

The Los Angeles Times successfully sued for access to the warrant under the Freedom of Information Act, then fought the extensive redactions made by the department.

In late August, Chief U.S. District Judge Beryl A. Howell ordered the Justice Department to file a new version of the warrant with fewer redactions and additional information on what evidence it relied on to seek the warrant but accepted the department’s request to keep certain third-party witness information and law enforcement techniques under seal.

“We’re pleased to see that these less-redacted filings provide the public with additional insight into the government’s investigation. While some redactions remain, the public now has a much clearer picture of the government’s basis for executing a warrant for Sen. Burr’s cellphone,” said Katie Townsend, an attorney for The Times who works for the Reporters Committee for Freedom of the Press.

Howell has asked the government to make an additional filing Wednesday so she can evaluate the remaining redactions. Townsend said lawyers for The Times and Reporters Committee for Freedom of the Press are also reviewing the redactions.

A spokesman for the U.S. attorney’s office for the District of Columbia declined to comment.

The May 2020 warrant request to search Burr’s cellphone said that in February of that year, while the government was downplaying concerns about COVID-19 in the U.S., Burr sold 95% of his holdings in his individual retirement account and 58% of the holdings in wife Brooke Burr’s IRA. He also purchased $1,189,000 in the Federated U.S. Treasury Cash Reserves Fund using 76% of the total holdings in the joint account held by him and his wife.

“His portfolio went from approximately 83% in equities to approximately 3% in equities. Beginning on February 20, 2020 — six days after Senator Burr’s sale of the majority of his equity — the stock market endured a dramatic and substantial downturn,” FBI special agent Brandon Merriman said in the affidavit used to justify the search. “In total, Senator Burr avoided more than an estimated $87,000 in loss as a result of his well-timed stock sales, and profited more than $164,000.”

Burr’s brother-in-law Gerald Fauth sold about $160,000 in stocks after speaking and texting with Burr, the affidavit states.

The 38-page FBI affidavit argued that the mid-February timing of sales of stock held by Burr, his wife and Fauth was suspicious and stated that agents were looking for text messages and other communications about the stock sales as part of an investigation into whether Burr violated a law preventing members of Congress from trading on insider information they glean from their official work.

The partially redacted version of the warrant provides few details on what nonpublic information Burr, then chairman of the Senate Intelligence Committee, had about the pandemic prior to his stock sales. He stepped down from the committee shortly after The Times broke news of the search warrant.

Burr and other senators received briefings from U.S. public health officials before the stock sales. Several of them, including California Democrat Dianne Feinstein, were scrutinized by the Justice Department for potential violations of congressional insider-trading rules for selling or purchasing stock at the start of the pandemic. Burr’s was the only case in which a warrant was obtained.

Burr was never charged with crimes connected to the trades. The Justice Department confirmed in its June court filings that it dropped the investigation in January 2021. A month later, The Times filed its lawsuit, arguing that the records should be made public to explain the department’s unusual decision to pursue a warrant against a sitting member of Congress.

[liulolo]

Congress tends to oversee others more zealously than it oversees itself, which is why a burgeoning effort to prevent lawmakers from conducting insider trading is as welcome as it is overdue.

House Speaker Nancy Pelosi (D-Calif.) announced last week that she believes a floor vote is possible this month on legislation that would ban members of Congress and their family members from dealing in individual stocks while those lawmakers are in office. Plenty of representatives have already introduced similar bills, but Democratic leaders have set their sights on a compromise proposal likely to emerge soon from negotiations led by Rep. Zoe Lofgren (D-Calif.). Her recommendations are expected to include restrictions that would apply to senior officials in all three branches, limiting the financial activities they can engage in as well as enhancing the penalties they face for failing to disclose what they do buy and sell.

Sign up for a weekly roundup of thought-provoking ideas and debates

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

Those examples show why it’s important that any congressional stock-trading ban apply to spouses and children. The inclusion of senior congressional staff makes sense, too, because top aides can have access to the same market-moving secrets as their bosses, and, even though they’re not the ones voting on bills, they’re often the ones writing them.

The question of what officials should do with stocks they already own is trickier, but Ms. Lofgren’s proposal might point in the right direction: Lawmakers should either divest or start a blind trust — which could be made blinder still with a mandate that its manager gradually sell off the original assets.

While allowing officials to invest in diversified assets, such as mutual and exchange-traded funds, still leaves some room for malfeasance, a prohibition on trading individual stocks would eliminate the easiest and most egregious modes of exploiting one’s position. That’s a big change, and it’s likely the best Congress can do today. Tougher and more tailored strictures regarding disclosure would also help.

The bill’s success is not guaranteed. Opposition could form around certain parts of the plan Ms. Lofgren proposes; in particular, the expansion of a stock-trading ban to the judicial branch. That shouldn’t get in the way of passing the rest of the legislation. Good government is as important in the courts as in Congress, but the priority for legislators should be cleaning up their own act.

[michelleulrica]

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

[the-sayuri-rin]

Congress has clinched a deal to avert a lapse in critical dollars for Puerto Rico’s Medicaid program for five years and permanently beef up federal dollars for the other U.S. territories, according to two people familiar with the negotiations.

[briefkidgarden]

Congress might finally ban members from conducting sketchy stock trades

Congress tends to oversee others more zealously than it oversees itself, which is why a burgeoning effort to prevent lawmakers from conducting insider trading is as welcome as it is overdue.

House Speaker Nancy Pelosi (D-Calif.) announced last week that she believes a floor vote is possible this month on legislation that would ban members of Congress and their family members from dealing in individual stocks while those lawmakers are in office. Plenty of representatives have already introduced similar bills, but Democratic leaders have set their sights on a compromise proposal likely to emerge soon from negotiations led by Rep. Zoe Lofgren (D-Calif.). Her recommendations are expected to include restrictions that would apply to senior officials in all three branches, limiting the financial activities they can engage in as well as enhancing the penalties they face for failing to disclose what they do buy and sell.

Sign up for a weekly roundup of thought-provoking ideas and debates

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

Those examples show why it’s important that any congressional stock-trading ban apply to spouses and children. The inclusion of senior congressional staff makes sense, too, because top aides can have access to the same market-moving secrets as their bosses, and, even though they’re not the ones voting on bills, they’re often the ones writing them.

The question of what officials should do with stocks they already own is trickier, but Ms. Lofgren’s proposal might point in the right direction: Lawmakers should either divest or start a blind trust — which could be made blinder still with a mandate that its manager gradually sell off the original assets.

While allowing officials to invest in diversified assets, such as mutual and exchange-traded funds, still leaves some room for malfeasance, a prohibition on trading individual stocks would eliminate the easiest and most egregious modes of exploiting one’s position. That’s a big change, and it’s likely the best Congress can do today. Tougher and more tailored strictures regarding disclosure would also help.

The bill’s success is not guaranteed. Opposition could form around certain parts of the plan Ms. Lofgren proposes; in particular, the expansion of a stock-trading ban to the judicial branch. That shouldn’t get in the way of passing the rest of the legislation. Good government is as important in the courts as in Congress, but the priority for legislators should be cleaning up their own act.

来源：华盛顿邮报报道《Congress might finally ban members from conducting sketchy stock trades》

链接：https://www.washingtonpost.com/opinions/2022/09/18/congress-stocks-insider-trading-ban/

[nezsharp]

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

[orvillemoben]

Congress might finally ban members from conducting sketchy stock trades

Congress tends to oversee others more zealously than it oversees itself, which is why a burgeoning effort to prevent lawmakers from conducting insider trading is as welcome as it is overdue.

House Speaker Nancy Pelosi (D-Calif.) announced last week that she believes a floor vote is possible this month on legislation that would ban members of Congress and their family members from dealing in individual stocks while those lawmakers are in office. Plenty of representatives have already introduced similar bills, but Democratic leaders have set their sights on a compromise proposal likely to emerge soon from negotiations led by Rep. Zoe Lofgren (D-Calif.). Her recommendations are expected to include restrictions that would apply to senior officials in all three branches, limiting the financial activities they can engage in as well as enhancing the penalties they face for failing to disclose what they do buy and sell.

Sign up for a weekly roundup of thought-provoking ideas and debates

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

Those examples show why it’s important that any congressional stock-trading ban apply to spouses and children. The inclusion of senior congressional staff makes sense, too, because top aides can have access to the same market-moving secrets as their bosses, and, even though they’re not the ones voting on bills, they’re often the ones writing them.

The question of what officials should do with stocks they already own is trickier, but Ms. Lofgren’s proposal might point in the right direction: Lawmakers should either divest or start a blind trust — which could be made blinder still with a mandate that its manager gradually sell off the original assets.

While allowing officials to invest in diversified assets, such as mutual and exchange-traded funds, still leaves some room for malfeasance, a prohibition on trading individual stocks would eliminate the easiest and most egregious modes of exploiting one’s position. That’s a big change, and it’s likely the best Congress can do today. Tougher and more tailored strictures regarding disclosure would also help.

The bill’s success is not guaranteed. Opposition could form around certain parts of the plan Ms. Lofgren proposes; in particular, the expansion of a stock-trading ban to the judicial branch. That shouldn’t get in the way of passing the rest of the legislation. Good government is as important in the courts as in Congress, but the priority for legislators should be cleaning up their own act.

来源：华盛顿邮报报道《Congress might finally ban members from conducting sketchy stock trades》

链接：https://www.washingtonpost.com/opinions/2022/09/18/congress-stocks-insider-trading-ban/

[insideusnet]

SEC closes insider trading probe into former Republican senator | CNN Politics : Inside US

SEC closes insider trading probe into former Republican senator | CNN Politics : Inside US

CNN  —  The US Securities and Exchange Commission has closed its insider trading investigation into stock trades made by then-Sen. Richard Burr and his brother-in-law at the outset of the pandemic, the former senator announced Friday. “This week, the SEC informed me that they have concluded their investigation with no action. I am glad to have this matter in the rearview mirror as I begin my…

[wuyongying]

Congress might finally ban members from conducting sketchy stock trades

Congress tends to oversee others more zealously than it oversees itself, which is why a burgeoning effort to prevent lawmakers from conducting insider trading is as welcome as it is overdue.

House Speaker Nancy Pelosi (D-Calif.) announced last week that she believes a floor vote is possible this month on legislation that would ban members of Congress and their family members from dealing in individual stocks while those lawmakers are in office. Plenty of representatives have already introduced similar bills, but Democratic leaders have set their sights on a compromise proposal likely to emerge soon from negotiations led by Rep. Zoe Lofgren (D-Calif.). Her recommendations are expected to include restrictions that would apply to senior officials in all three branches, limiting the financial activities they can engage in as well as enhancing the penalties they face for failing to disclose what they do buy and sell.

Sign up for a weekly roundup of thought-provoking ideas and debates

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

Those examples show why it’s important that any congressional stock-trading ban apply to spouses and children. The inclusion of senior congressional staff makes sense, too, because top aides can have access to the same market-moving secrets as their bosses, and, even though they’re not the ones voting on bills, they’re often the ones writing them.

The question of what officials should do with stocks they already own is trickier, but Ms. Lofgren’s proposal might point in the right direction: Lawmakers should either divest or start a blind trust — which could be made blinder still with a mandate that its manager gradually sell off the original assets.

While allowing officials to invest in diversified assets, such as mutual and exchange-traded funds, still leaves some room for malfeasance, a prohibition on trading individual stocks would eliminate the easiest and most egregious modes of exploiting one’s position. That’s a big change, and it’s likely the best Congress can do today. Tougher and more tailored strictures regarding disclosure would also help.

The bill’s success is not guaranteed. Opposition could form around certain parts of the plan Ms. Lofgren proposes; in particular, the expansion of a stock-trading ban to the judicial branch. That shouldn’t get in the way of passing the rest of the legislation. Good government is as important in the courts as in Congress, but the priority for legislators should be cleaning up their own act.

[liulolo]

Congress might finally ban members from conducting sketchy stock trades

Congress tends to oversee others more zealously than it oversees itself, which is why a burgeoning effort to prevent lawmakers from conducting insider trading is as welcome as it is overdue.

House Speaker Nancy Pelosi (D-Calif.) announced last week that she believes a floor vote is possible this month on legislation that would ban members of Congress and their family members from dealing in individual stocks while those lawmakers are in office. Plenty of representatives have already introduced similar bills, but Democratic leaders have set their sights on a compromise proposal likely to emerge soon from negotiations led by Rep. Zoe Lofgren (D-Calif.). Her recommendations are expected to include restrictions that would apply to senior officials in all three branches, limiting the financial activities they can engage in as well as enhancing the penalties they face for failing to disclose what they do buy and sell.

Sign up for a weekly roundup of thought-provoking ideas and debates

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.

Those examples show why it’s important that any congressional stock-trading ban apply to spouses and children. The inclusion of senior congressional staff makes sense, too, because top aides can have access to the same market-moving secrets as their bosses, and, even though they’re not the ones voting on bills, they’re often the ones writing them.

The question of what officials should do with stocks they already own is trickier, but Ms. Lofgren’s proposal might point in the right direction: Lawmakers should either divest or start a blind trust — which could be made blinder still with a mandate that its manager gradually sell off the original assets.

While allowing officials to invest in diversified assets, such as mutual and exchange-traded funds, still leaves some room for malfeasance, a prohibition on trading individual stocks would eliminate the easiest and most egregious modes of exploiting one’s position. That’s a big change, and it’s likely the best Congress can do today. Tougher and more tailored strictures regarding disclosure would also help.

The bill’s success is not guaranteed. Opposition could form around certain parts of the plan Ms. Lofgren proposes; in particular, the expansion of a stock-trading ban to the judicial branch. That shouldn’t get in the way of passing the rest of the legislation. Good government is as important in the courts as in Congress, but the priority for legislators should be cleaning up their own act.

[michelleulrica]

A recent New York Times analysis found that at least 97 current members of Congress or their families bought or sold stock, bonds or other financial assets that overlapped with the lawmakers’ work. A continuing Insider investigation has discovered that 72 members have neglected to report trades as required by the 2012 Stock Act — which isn’t surprising, given the penalty for such lapses is usually a mere $200. Examples abound of behavior that at the least bears the appearance of corruption, from Sen. Richard Burr (R-N.C.) dumping more than $1 million worth of shares a week before the 2020 coronavirus market crash to Ms. Pelosi’s husband pouring tens of millions of dollars into high-profile technology companies regularly scrutinized by the body his wife leads; to the four children of Sen. Bill Hagerty (R-Tenn.) all becoming minority owners of a Major League Soccer team even as MLS lobbied on an immigration proposal.