The SEC recently fined Kim Kardashian $1.26 million for promoting cryptocurrency on Instagram while failing to disclose that she was also receiving hundreds of thousands of dollars for said promotions. Of course it's a good thing that celebrities – especially the ultra-wealthy – are being held accountable for their involvement in bogus crypto pump-and-dump schemes. But why is Kim being punished while elected members of Congress are still allowed to use insider information on stock trades?
Sign now to demand Congress hold a vote on the Combating Financial Conflicts of Interest in Government Act before the midterms! They must finally close the loophole that allows for fake blind trusts!
As the midterms loom closer, lawmakers in Congress continue trading their stocks with few restrictions, no consequences, and no plan to solve the problem. In fact, the only currently proposed legislation to deal with Congressional stock trading has massive loopholes and wouldn't be voted on until after the midterm elections. The new bill's loopholes are so large and so problematic that two different external groups – one from the political left and one from the political right – agree that the bill, which was crafted mostly in secret, would still allow lawmakers to "evade meaningful oversight."
Clearly we desperately need policy that prevents legislators from buying and selling stocks that might conflict with their public service. A recent investigation found nearly 4,000 trades between legislators or their close family members that could be considered conflicts of interest. How is this possibly still legal in a country that calls itself a democracy?
Luckily, there is a straightforward solution to this corruption problem: close the loophole for fake blind trusts and hold a vote on the Combatting Financial Conflicts of Interest in Government Act before the midterms. Legislators must show the American people that they are not beholden to corrupt financial interests! Sign the petition now if you agree!