The post Congressman discloses $175 million in trades 580 days late, gets off with $200 fine appeared on BitcoinEthereumNews.com.

It is particularly unsavory when lawmakers are the ones to violate the law, and the latest example of such activity simultaneously reinforces the notion that a monetary fine simply means ‘legal for the rich.’ To be precise, Representative Darrell Issa of California reported seven different bond sales on September 25. The most recent took place on May 2, 2023, and the oldest on February 9 of the same year. Receive Signals on US Senators’ Stock Trades Stocks Stay up-to-date on the trading activity of US Senators. This signal triggers based on SEC updates on all the trades that are made by US Senators. Learn more. Enable signal The distance between the trades and the reporting means that Issa was late by approximately 500 days with his filings. Under the ‘STOCKS Act,’ U.S. Representatives have 45 days to report their trades. What makes the situation worse is that first-time offenders generally have to pay only a $200 fine for their lack of transparency. Given that Representative Issa sold up to $175 million worth of bonds, he is not likely to lose much sleep over the penalty. Representative Issa’s belated trade filing, Source: U.S. Congress Was the ‘STOCKS Act’ dead on arrival? Representative Issa’s bond sales also showcase another deficiency of the ‘STOCKS Act,’ as it is, in fact, impossible to accurately quantify his trades. Indeed, the law only requires politicians to report the ranges their trades fall into. Such a setup is adequate for small buys or sells, as, for example, one of the possible filing ranges is $1,001 to $5,000. However, the ranges are scaled up in a way that vastly diminishes transparency on large trades. For example, if a Member of Congress traded $6 million worth of shares, they would report it as between $5 and $25 million. For…

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Filed under: News - @ September 27, 2024 12:21 pm