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46 members of Congress have violated a conflicts-of-interest law (www.rawstory.com)

submitted 5 months ago by jeffw@lemmy.world to c/politics@lemmy.world

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[-] ryper@lemmy.ca 75 points 5 months ago* (last edited 5 months ago)

The standard fine for violating the STOCK Act is $200, but frequently the House Committee on Ethics and the Senate Select Committee on Ethics waive the fee.

Craig Holman, a Capitol Hill lobbyist on ethics and campaign finance rules for nonprofit Public Citizen, said the fee is one of two reasons why the STOCK Act is frequently violated.

“The penalty is so minimal that these millionaire members of Congress really don't care about it," Holman told Raw Story. “The second provision is the ethics committees are not really enforcing it or taking it seriously.”

So basically this "law" is just a suggestion.

[-] Neato@ttrpg.network 38 points 5 months ago

So the penalty for insider trading is $200. That's just a Pay to Play fee for illegal market trading. Let's put some jailtime on that act, FFS.

[-] dalekcaan@lemm.ee 6 points 5 months ago

The standard fine for violating the STOCK Act is $200, but frequently the House Committee on Ethics and the Senate Select Committee on Ethics waive the fee.

The penalty is $200, but only if they feel like paying it.

[-] OminousOrange@lemmy.ca 9 points 5 months ago

The cost of doing business.

Income-based fines should really be more commonplace.

[-] UnpopularCrow@lemmy.world 41 points 5 months ago

Fun fact: NASA employees are unable to even talk with congressional representatives about proposed scientific missions because it is considered a “conflict of interest”. Let that sink in. Meanwhile…

[-] cultsuperstar@lemmy.world 25 points 5 months ago

It's not like anything is going to happen. Laws are more like guidelines for them.

[-] Raiderkev@lemmy.world 8 points 5 months ago

Surely they will enact legislature to put a stop to... Checks notes... Themselves

[-] Semi_Hemi_Demigod@lemmy.world 4 points 5 months ago

Must be another one of those checks and balances I keep hearing about

[-] AA5B@lemmy.world 25 points 5 months ago

identified as having violated the STOCK Act during 2023-2024

To be specific, these are people who didn’t file required financial disclosures on time during those years.

If a congressman committed insider trading, but filed disclosure and paperwork on time, they wouldn’t be counted here

[-] robocall@lemmy.world 13 points 5 months ago

Only 46?

[-] gAlienLifeform@lemmy.world 13 points 5 months ago

Those were just the ones that were lazy enough to not bother hiding it

[-] LaterRedditor@lemmy.world 13 points 5 months ago

[-] tipicaldik@lemmy.world 10 points 5 months ago* (last edited 5 months ago)

pretty much just amounts to a congressional "swear jar"

[-] lemmyman@lemmy.world 8 points 5 months ago

Just because I was curious: I counted 23 R, 22 D, 1 I. That might be off by one or two but I was surprised (well maybe not really) how evenly split it was

[-] JakJak98@lemmy.world 6 points 5 months ago

Its a one party system in a two party costume.

[-] HeyThisIsntTheYMCA@lemmy.world 5 points 5 months ago

Of course fucking Sarbanes is on the list

[-] Semi_Hemi_Demigod@lemmy.world 4 points 5 months ago

As someone who's done a ton of work getting companies to be SOX compliant I have a fresh new hatred for our system of government. I get a new one just about every day at this point.

[-] HeyThisIsntTheYMCA@lemmy.world 3 points 5 months ago

I only did that for a decade before switching to a cash basis field. It was so good for my sanity.

[-] CharlesDarwin@lemmy.world 4 points 5 months ago

Maybe time to invest in that NANC ETF...

[-] Bluefalcon@discuss.tchncs.de 3 points 5 months ago

Didn't Martha go to jail for inside trading?

[-] jeffw@lemmy.world 3 points 5 months ago

Wasn’t it just house arrest? Idk that feels like a lifetime ago

[-] Bluefalcon@discuss.tchncs.de 7 points 5 months ago

5 months in federal correctional facility.

this post was submitted on 05 Jun 2024

352 points (100.0% liked)

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