House passes bill to restrict, not ban, lawmaker stock trading
Lawmakers finally did something about their portfolios, sort of. It’s a bit like fixing a leak by just putting a slightly smaller bucket under it.
The House just voted to limit stock trading for members of Congress. Don't throw a party yet, though. It’s not a ban. Lawmakers, their spouses, and their kids just can't buy *new* stocks. They get to keep everything they already own, which is conveniently where the real money is hiding.
To make things even more chaotic, the bill includes a side quest requiring photo ID for voting. It's a classic legislative Frankenstein. You can’t just pass a simple rule without gluing on an unrelated agenda item, apparently.
If they break the rules, they owe a fine. It’s basically just a cost-of-doing-business fee for anyone making millions on insider knowledge.
A toothless regulation is just a suggestion for the wealthy.
Source: The Hill
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