alt Hacker NewsBut then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.
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> Often the senator's aides earn more than the senators themselves.
Fine. People motivated by money should take jobs other than sitting in Congress.
The fact senators have been able to stay in the senate for 20+ years, means they are probably making plenty of money. We need another round of FBI bribe stings to clean things up
It would be nice if government officials had to do a national index fund (Vanguard or similar) stock purchase plan along the lines of employee stock purchasing in private companies.
The 15% cap likely only applies to IRS-reportable gains on the congressperson's personal tax return. That unfortunately doesn't preclude insider trading by spouses, within IRA accounts, or within wholly or partially owned c-corporations controlled by the congressperson or a close family member.
We need a federal law that says: "the definition of material non-public information (MNPI) is extended to mean any non-public information those in federal, state, or local government are privy to that may affect securities prices, and individuals in or adjacent to government are equally subject to prosecution for trading on it".
Ban the trading and upping the base pay would probably improve accessibility.
Well they could always set policies where 174k is a good living salary...
People should not be getting into politics for the money. I want senators who are doing it because they want to see a change in the world.
If you can't make it on 175k you might need to go to rehab.
Yeah, I kind of agree with your semi-sarcastic take. While that salary is well above the US average, the fact is that they almost certainly don't make enough to own or rent a home in DC, and a second home in their constituency. It all but ensures that there can't be an honest member of congress, unless they feel like sleeping in their office.
Blind trusts.
What’s the ceiling ?
https://www.quiverquant.com/congresstrading/politician/Nancy...
Just disallow any personal investment choices. Either they have to invest in an index fund, a mutual fund, or have a manager who makes independent investment decisions.
They could even do the sort of things corporate execs at publicly traded companies do, and fill out forms well in advance about future investment purchases, to avoid the ability to time purchases to inside information.