June 2, 2024

Lawmakers' insider trading becoming critical problem in America

Many members of Congress, including Rep. Nancy Pelosi, have been slammed with allegations of insider trading.

Why is insider trading such an issue?

We should not have to worry about members of Congress unfairly profiting from policies and rules that they know will soon be implemented.

We are supposed to be able to TRUST government officials.

Insider trading is an unfair advantage and should be stopped.

Former deputy chief counsel of the Congressional Ethics Office, Kedric Payne, has released a powerful statement about insider trading in Congress.

“We are now at a new level where the members no longer have to be insider traders to profit — we are at a point where merely publishing what trades a member buys means the price of that stock goes up because other people are following their lead. You have a problem that’s very hard to erase,” Payne said.

Thankfully, there are ways that normal investors who do not have the luxury of the knowledge to which those in Congress have can tag along.

A new app called Autopilot allows investors can now easily mimic the trading of big names in politics.

The Autopilot founder, Christopher Joseph, has released a statement now that made the news.

“Our mission isn’t to make everyone millionaires — it’s actually to highlight the hypocrisy of congressional trading in an effort to bring more transparency and trust back into our government. Hopefully it’s helping, but our slogan is, if you can’t beat them, join them,” Joseph said.

However, we should not have to rely on new inventions and intense tracking to keep tabs on what our government officials are doing.

At the end of the day, it is unethical.

What do you think should happen to members of Congress who participate in insider trading?

Let us know in the comments below.

If you would like to read more about the details of this story, please feel free to click on the source link here.

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