Should Congressmen be charged with insider trading?

[Playa]

Assuming that this story is legit, I’ve not backtracked this to confirm. Should a Congressional member be charged with insider trading when they use foreknowledge of a disaster or change in legislation that impacts the market?

https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing

Sen. Kelly Loeffler Dumped Millions in Stock After Coronavirus Briefing



TRADE IN
Lachlan Markay
William Bredderman
Sam Brodey
Updated Mar. 19, 2020 9:38PM ET
Published Mar. 19, 2020 8:49PM ET
EXCLUSIVE
The Senate’s newest member sold off seven figures worth of stock holdings in the days and weeks after a private, all-senators meeting on the novel coronavirus that subsequently hammered U.S. equities.

Sen. Kelly Loeffler (R-GA) reported the first sale of stock jointly owned by her and her husband on Jan. 24, the very day that her committee, the Senate Health Committee, hosted a private, all-senators briefing from administration officials, including the CDC director and Anthony Fauci, the head of the National Institutes of Health of the United States, on the coronavirus.

[flywise]

Yep

[blackfoot1]

Yes

[S-3 Ranch]

Yes very illegal

My father is a licensed equity trader and I have lost out on both opportunities to buy and protect my account do to SEC and FTC laws and the stock act

“”current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee."[5””

[kevin nicholls]

They are protected from insider trading laws. I saw it on 60 Minutes a few years ago. How do you think they become millionaires.

[ottert]

As with most of the laws they pass they exempted themselves.

[S-3 Ranch]

Negative

They are protected from insider trading laws. I saw it on 60 Minutes a few years ago. How do you think they become millionaires.

Very misinformed information, here is a link to help you know the current laws in simple form

https://en.wikipedia.org/wiki/STOCK_Act

[Man]

I think we should have congress vote on it

[Landrover]

Yep, yes, ok, in a New York minute and hail yea!! But each of us knows how that will work out. Just sad , embarrassing and par for the course.[emoji53][emoji3061][emoji2962]

Sent from my SM-G965U using Tapatalk

[Killer]

No one should be above the law....but they are!

[Let's go Brandon!]

Charged and their funds seized.

[Smell the Glove]

The Atlanta businesswoman, whose husband is the chairman and CEO of the New York Stock Exchange, is worth an estimated $500 million.

Of course

[100%TtId]

The Atlanta businesswoman, whose husband is the chairman and CEO of the New York Stock Exchange, is worth an estimated $500 million.

Of course

not for very much longer!

[tps7742]

Yes they should be prosecuted.

[jerp]

We’ll see. It may depend on what type of account it is and who is making the buy/sell decisions. If the senator called his broker or went online and just dumped everything that is a problem. However many wealthier clients use what are called SMAs or separately managed accounts. That is where you give money to an investment firm and they make the allocation decisions often based on a certain management style or asset class (large cap growth, small cap value, international, etc) They have discretionary trading authority so you don’t even know what they’ve bought or sold in your account until you get a confirm a few days later If that is the case the portfolio manager would have made the same trades for all their clients at the same time as part of the normal course of business. Senators are very aware of the STOCK law mentioned above and the disclosure rules. It would be really stupid to come out of a meeting and just start dumping stock based on what you heard. Not saying that didn’t happen but there is likely more to the story