Elizabeth Warren proposes a bill banning politicians from owning stock

https://www.cnbc.com/2018/08/21/eli...-lawmakers-from-owning-individual-stocks.html

• Sen. Elizabeth Warren proposes a new bill that would ban members of Congress and the White House staff from owning individual stocks.
• As an apparent alternative, the legislation would create "conflict-free investment opportunities for federal officials with new investment accounts."
• While the measure is unlikely to pass the Senate as long as Republicans hold majority control of the chamber, it comes amid speculation that Warren could run for president in 2020.

Show of hands, who wouldn't jump at the chance to be forced to liquidate their holdings for the opportunity to serve in office?

I'm all for watching politicians closely to minimize corruption, but I don't think it's fair to deny them basic rights that are afforded to regular citizens.

 

Maybe lawmakers should be held to the same insider trading laws as the rest of the US Citizenry?

 

I'm sure other "rights" aren't afforded to politicians when serving the people. It looks good to me, there's no provision to bar them from owing etfs/mutual funds.

 

Let them own mutual funds.

 

Yeah, but what if you have millions invested in individual stocks? You would be forced to liquidate them and pay capitol gains tax on every thing you sold. There are a lot of people that wouldn't want to do that all at once.

 

Then don't run for office? Maybe have an exclusion to swap w/o taking a cap. gains hit?

 

That would make sense.

The general premise behind the bill has merit. It makes sense for politicians to avoid conflicts of interest by only allowing them to invest in general mutual funds and ETF's that aren't too concentrated in individual areas. But the capitol gains hit could really hurt someone if they have a large portion of their net worth tied up in individual stocks and they were forced to liquidate everything at once.

 

I'm sure someone would find a way to game my idea somehow. Devalue a mutual fund to get more shares or something. Even if politicians have a stake in a mutual fund, it doesn't go far enough I think. They could still shill for a sector for instance. It'd have to be restricted to index funds or something highly diversified.

 

Right. And while we're at it... how 'bout they piss in a cup for random drug testing like so many ordinary citizens have to do? Or is their job not "safety sensitive"?
...."Weapons of mass destruction?... Fuck em, lets f'n invade dude. Pass that pipe over here".