Matt Levine’s Money Stuff: Congress Might Stop Trading Stocks

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Jan. 13, 2022, 6:17 PM

Programming note:
Money Stuff will be off tomorrow and Monday, back on Tuesday.

Stock Act II

I have probably been doing this too long, because I remember there were some scandals about congresspeople trading stocks, and everyone was like “well congressional insider trading seems pretty illegal already, but just in case let’s pass a law making it illegal,” and so Congress passed the STOCK Act, for “Stop Trading On Congressional Knowledge,” and now it’s extra illegal for congresspeople to trade stocks on the basis of nonpublic information that they learn in their jobs. This happened in 2012. I must say …

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