Congressman John Yarmuth (D-KY), the powerful chairman of the Budget Committee, has recently purchased several cannabis industry stocks while championing legalization legislation that could increase their value, a Popular Information investigation reveals. The transactions illustrate the ethical problems created when members of Congress, whose official actions can make or break industries, trade individual stocks.
I agree Judd, although I appreciate the transparency of the individual stock purchases by the members of congress you mentioned, buying and selling individual stocks while wielding significant influence over the industry is a cause for concern. Members should be restricted to index funds ,selling their individual stocks before taking office and prevented from purchasing individual stocks or serving on corporate boards while in office.
Another politician profiting through his own legislation? SHOCKING...not really. When are we going to make laws that prohibit this? Because as long as we don’t, it will continue to happen. A democracy cannot function properly when the elected officials are in it for personal profit and power building. I’m so disappointed that a democrat would play the same game as so many republicans (most notably, our former so called ‘leader’) did these last four years. Let’s get these kinds of politicians OUT OF OFFICE.
Also how about having all Senators and Congressman disclose on the tech stocks they and their immediate family or dependents invest in, given they should be cracking down on many of them. First target should be Facebook -- https://dianefrancis.substack.com/p/lets-unfriend-facebook
My feelings are that politicians need to have term limits, put their businesses if they have them in another’s care while in office, and they should refrain from trading stocks. They aren’t in their positions for personal gain, their focus should be the people they represent. I think Loeffler and Perdue were hit hard in the re-election by the news of their questionable trades, thanks to the relentless reporting by some! Many thanks to our host for being a part of that!
The ultimate insider information it sounds like. No wonder people want to run for office to get settled into a place at the trough, never to be dislodged. Public service? What a joke. Just because you approve of legalizing cannabis, no one should approve this kind of self-serving corruption. Legal corruption? Even worse.
With all due respect, Judd, this goes beyond their declaration of stocks, or the surface on which we catch them doing it.
Businessmen and trillionaires (yes, the 0.001%) have a plentitude of dirty tricks (blind trusts for one) to circumvent their issue of optics.
To give an example, Elon Musk has shares in more than 10 companies. He switches optically from one to another, but it's a *brand* he switches between. He still has stocks all over the map. The Big Tech map.
Legal reform is heartening, but sorry to say this --- only superficial at its best. We need to go after the 0.001% (trillionaires) in order to really purge the world of dark money.
It's a long fight, and I have your back. Many of us do. You are not alone.
This crap has got to stop-period! I really don’t care who’s doing the trading, if you are a member of Congress you should be above reproach with your ethics. We keep saying, “We’re better than this” but we don’t seem to be in any way, shape or form by many. The investigations into Kelly Loeffler and Richard Burr seem to have been dropped because apparently it’s too difficult to prove such seeming transgressions. Too bad it’s so difficult to wall oneself off from appearing crooked.
It's sad that this is allowed; It is sadder still that any congressman (or candidate) of any party would somehow think it is ok. I'd be interested to know what members of congress have publicly said that they are no longer investing in individual stocks. If members are unwilling to give up stock trading (index funds are clearly no problem), how big is the commitment to public service, really? Thank you Judd.
The entire system is broken. I don't know if it will ever be fixed. These are nice ideas, but they'll find loopholes no matter what. This is never going to end.
Corporations are cashing in on marijuana and so are politicians like John Yarmuth. If that isn't an indictment of a broken economic and political system, I don't know what is.
Legalizing marijuana has broad pubic approval. Voting on the MORE Act in September would have made visible to the public just exactly who is for and who is against, possibly making clearer who the preferred candidate might be. Or was that the problem, that some Democrats were against?
Legalization of cannabis is long past due in this country. Governments are always looking for new revenue sources, and this could potentially be a gold mine...............
I agree Judd, although I appreciate the transparency of the individual stock purchases by the members of congress you mentioned, buying and selling individual stocks while wielding significant influence over the industry is a cause for concern. Members should be restricted to index funds ,selling their individual stocks before taking office and prevented from purchasing individual stocks or serving on corporate boards while in office.
Another politician profiting through his own legislation? SHOCKING...not really. When are we going to make laws that prohibit this? Because as long as we don’t, it will continue to happen. A democracy cannot function properly when the elected officials are in it for personal profit and power building. I’m so disappointed that a democrat would play the same game as so many republicans (most notably, our former so called ‘leader’) did these last four years. Let’s get these kinds of politicians OUT OF OFFICE.
Also how about having all Senators and Congressman disclose on the tech stocks they and their immediate family or dependents invest in, given they should be cracking down on many of them. First target should be Facebook -- https://dianefrancis.substack.com/p/lets-unfriend-facebook
My feelings are that politicians need to have term limits, put their businesses if they have them in another’s care while in office, and they should refrain from trading stocks. They aren’t in their positions for personal gain, their focus should be the people they represent. I think Loeffler and Perdue were hit hard in the re-election by the news of their questionable trades, thanks to the relentless reporting by some! Many thanks to our host for being a part of that!
I am selfishly thrilled to see Popular Info covering the cannabis beat, even in this context. Great work!
The ultimate insider information it sounds like. No wonder people want to run for office to get settled into a place at the trough, never to be dislodged. Public service? What a joke. Just because you approve of legalizing cannabis, no one should approve this kind of self-serving corruption. Legal corruption? Even worse.
I’m pretty sure this is happening in NJ.
With all due respect, Judd, this goes beyond their declaration of stocks, or the surface on which we catch them doing it.
Businessmen and trillionaires (yes, the 0.001%) have a plentitude of dirty tricks (blind trusts for one) to circumvent their issue of optics.
To give an example, Elon Musk has shares in more than 10 companies. He switches optically from one to another, but it's a *brand* he switches between. He still has stocks all over the map. The Big Tech map.
Legal reform is heartening, but sorry to say this --- only superficial at its best. We need to go after the 0.001% (trillionaires) in order to really purge the world of dark money.
It's a long fight, and I have your back. Many of us do. You are not alone.
Best,
Melissa Enders
This crap has got to stop-period! I really don’t care who’s doing the trading, if you are a member of Congress you should be above reproach with your ethics. We keep saying, “We’re better than this” but we don’t seem to be in any way, shape or form by many. The investigations into Kelly Loeffler and Richard Burr seem to have been dropped because apparently it’s too difficult to prove such seeming transgressions. Too bad it’s so difficult to wall oneself off from appearing crooked.
It's sad that this is allowed; It is sadder still that any congressman (or candidate) of any party would somehow think it is ok. I'd be interested to know what members of congress have publicly said that they are no longer investing in individual stocks. If members are unwilling to give up stock trading (index funds are clearly no problem), how big is the commitment to public service, really? Thank you Judd.
Brilliant piece keep up the pressure I think that they should sign off, as suggested, on any trade they make as suggested in Sorkin's piece
The entire system is broken. I don't know if it will ever be fixed. These are nice ideas, but they'll find loopholes no matter what. This is never going to end.
Corporations are cashing in on marijuana and so are politicians like John Yarmuth. If that isn't an indictment of a broken economic and political system, I don't know what is.
Legalizing marijuana has broad pubic approval. Voting on the MORE Act in September would have made visible to the public just exactly who is for and who is against, possibly making clearer who the preferred candidate might be. Or was that the problem, that some Democrats were against?
Legalization of cannabis is long past due in this country. Governments are always looking for new revenue sources, and this could potentially be a gold mine...............