logoalt Hacker News

selectodudetoday at 12:57 PM2 repliesview on HN

Look, just come out and say you’re okay with them doing what they’re doing. Stop making arguments that are just verifiably untrue.

> Amends the Securities Exchange Act of 1934 to declare that such Members and employees owe a duty arising from a relationship of trust and confidence to Congress, the U.S. government, and U.S. citizens with respect to material, nonpublic information derived from their positions as Members or congressional employees or gained from performance of the individual's official responsibilities.

(Sec. 5) Amends the Commodity Exchange Act to apply to Members and congressional employees, or to judicial officers or employees its prohibitions against certain transactions, involving the purchase or sale of any commodity in interstate commerce, or for future delivery, or any swap.

Extends the meaning of "covered government person" (currently restricted to Members of Congress and congressional employees) to include the President, Vice President, an employee of the U.S. Postal Service or the Postal Regulatory Commission, or any other executive branch employee.

https://www.congress.gov/bill/112th-congress/senate-bill/203...


Replies

leonidasruptoday at 1:12 PM

"Members of Congress outperformed the S&P 500—sometimes by huge amounts"

https://fortune.com/2024/01/03/members-of-congress-profit-fr...

"Congressional Stock Trading: The Law, the Conflicts, and the Push for a Ban"

https://govfacts.org/accountability-ethics/ethics-conflicts-...

"The 2 ETFs That Track Congressional Stock Trades"

https://www.morningstar.com/funds/2-etfs-that-track-congress...

The insider trading on oil futures is just on much bigger scale.

show 2 replies
grueztoday at 1:01 PM

>Look, just come out and say you’re okay with them doing what they’re doing

Don't put words in my mouth. Moreover I'm not sure how you can come to the conclusion that I'm "re okay with them doing what they’re doing", when I specifically acknowledged they have a duty not to leak classified intel.

>Members and employees owe a duty arising from a relationship of trust and confidence to Congress, the U.S. government, and U.S. citizens with respect to material

That's not "fiduciary duty". https://en.wikipedia.org/wiki/Fiduciary#Relationships

show 2 replies