A senator could vote for an infrastructure bill, then buy stock in concrete. Or they could sit on the Armed Services Committee and trade in defense contractors stock.

Lawmakers could vote for infrastructure bill, then buy stock in a concrete firm.

  • WarmSoda@lemm.ee
    5·
    8 months ago

    Insider trading is not illegal for legislators. They specifically made it legal for themselves.

    • nymwit@lemm.ee
      2·
      8 months ago

      The article says it is illegal for them to trade on nonpublic information. Isn’t that the definition of insider trading?

      In 2012, President Barack Obama signed the STOCK Act, banning members of Congress from trading with nonpublic information, meaning details they glean in their work that are not available to the general public.

      Not saying it doesn’t still happen, but it is illegal.

    • FlowVoid@lemmy.worldEnglish
      23·
      8 months ago

      Insider trading is absolutely illegal for legislators. In fact, Chris Collins (NY-27) is currently serving time for insider trading.