The public wants them to do it. Many congresspeople themselves want to do it. So why won’t Congress do it?
and you’ll find a cottage industry of would-be financial advisers who are obsessed with the money moves of lawmakers. Sometimes, it’s a little hard to tell whether these accounts are looking to scold politicians or celebrate them. Many take a special interest in Speaker of the House Nancy Pelosi, who, to be fair, does not trade stocks herself. But her husband does—aggressively. One TikToker called her a psychic.
These trades stood out because the politicians involved seemed to be adjusting their portfolios based on information they got at work. Back in January 2020, after an intelligence briefing on the dangers of the novel coronavirus, senators from Georgia and North Carolina seemed to dump vulnerable stocks. Sen. Richard Burr averted $87,000 in losses, and then became subject to a lengthy investigation by the Securities and Exchange Commission.
Members from across the political spectrum in both parties have written and gotten behind these bills because the politics are so good. And it gives basically anybody a readymade and compelling political message, whether that’s “I’m fighting the swamp” or you can even work out some kind of Pelosi message into it if you want.Exactly. Or if you’re Abigail Spanberger and you’re in a tough district, you can say, “Look, I’m fighting to clean up Washington.
This was never whipped in any formal sense because there was no bill to whip until three days before they left. And so there was never a tally of who supports this and who doesn’t. This particular bill would not have been the bill a lot of these folks who are supportive of a ban wanted to see. However, if it had come up for a vote, I do think it would have been really hard for a lot of Democrats—and some Republicans too—to vote against it just because the optics are so bad.
One of the interesting factoids you’ll stumble across if you dig into the stock trades of politicians is that people who’ve studied them don’t think they’re market geniuses. There’s a professor at Dartmouth who said politicians would be better if they were just in index funds. It’s a weird thing to know because then you really do start to wonder why this group wouldn’t police themselves.
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