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46 members of Congress have violated a conflicts-of-interest law
(www.rawstory.com)
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this post was submitted on 05 Jun 2024
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So basically this "law" is just a suggestion.
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.
Remember, that law was written by those who it will affect most. They'll never make it more than a slap on the wrist.
Some background information for those interested: the top traders in congress this year are 50:50 DNC and GOP, top trader was DNC Brian Higgins until he left office this year. Generally GOP do place higher but former speaker of the house Nancy Pelosi also often makes the top ten given she married the owner of an investment firm when they were both in college, 25 years before she entered congress, and they have joint assets.
The law, 2011-2012 S.2038 - STOCK Act, was introduced by Independent Democrat Senator Joseph I. Lieberman. It had 1 roll call in the house, 417 to 2, and 13 roll calls in the senate with many changes and amendments proposed until it passed 96 to 3.
Personally, I don't expect anything to ever come from the STOCK act in terms of punishments, but I'm happy that we have it or we wouldn't even be having these conversations in the first place.
The penalty is $200, but only if they feel like paying it.
The cost of doing business.
Income-based fines should really be more commonplace.