The Congressional Stock Trading Meme
- Investment Opportunities Startups
Peter Lynch- 0
- 2 minutes read
Congress’s anger entrepreneurs are—who would have guessed?—honking upset. For months they’ve raged that the Capitol is full of legislators making corrupt fortunes from “insider trading” in the stock market. This isn’t reality. But the House responded to public concern Wednesday by passing, in a 232-198 vote, a bill called the Stop Insider Trading Act.
As a reminder, Congress is already banned from trading on nonpublic information by the 2012 Stock Act. Transactions of more than $1,000 must be disclosed. Serious allegations can be investigated by the FBI. Yet in some quarters it’s taken for granted, as a social-media truth, that Congress is obsessed with day trading at the public’s expense. For the record, less than half of the Senate and only a third of the House held shares in individual companies in 2024, the Journal reported.
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