Congressional Ownership of Stocks
After the 2008 financial crisis, we tried to curb insider trading. The latest coronavirus controversy shows why members of Congress shouldn’t be allowed to trade stock at all. View the Politico Magazine Statement
I find it incomprehensible that any elected official in US Congress who has been in Washington DC for over 20 years would today own an individual stock. The insider knowledge available to members of Congress makes the timing of stock sales fail the sniff test. The Stop Trading on Congressional Knowledge (STOCK) Act is to prohibit insider trading by US Congress. Politicians can use a QBT (Qualified Blind Trust) as a mechanism to own individual stocks. Blind Trusts = Mistrust.
The Blind trusts allow plausible deniability at best, and mis-trust at worst. I propose that no member of Congress should own any individual stock, and upon election, all of their individual stocks must be liquidated, so that there is no plausible deniability. I believe all current members of Congress with Blind Trusts should have their Blind Trust immediately sell all of their individual stocks.US Senate Document on QBT Insider Trading Ban fo Congress