John Deaton Backs the “Ban Stock Trading for Government Officials Act”
John Deaton, founder of CryptoLawUS, has joined the debate surrounding the “Ban Stock Trading for Government Officials Act,” proposed by Senators Kirsten Gillibrand and Josh Hawley. Deaton not only supports the bill, but also emphasizes the need to prevent regulators from immediately joining the companies they were responsible for overseeing. He believes that this move would help eliminate the “revolving door” culture and combat financial conflicts of interest.
What is the Proposed Act?
The “Ban Stock Trading for Government Officials Act” aims to prohibit stock trading by government officials, including members of Congress, the president, vice president, senior executive branch officials, and their families. It also introduces penalties for unregulated stock trading by executive branch officials and requires them to report federal benefits they receive. This increased transparency aims to enhance accountability and eliminate potential conflicts of interest.
Stricter Penalties for Enhanced Accountability
The proposed legislation intends to increase penalties for failing to file transaction reports under the existing STOCK Act. Fines could increase from $200 to $500, with additional civil penalties for cases involving significant monetary value or extraordinary nature. A recent poll suggests that 63% of Americans support the prohibition of stock trading for government officials and their families.
A New Era in Government Ethics?
The combination of the call for stricter financial conflict laws and the proposed legislation may usher in a new era in government ethics. This era would prioritize maintaining an arm’s length distance between regulators and the regulated, ensuring a more equitable and less conflicted marketplace for all.
Hot Take
The “Ban Stock Trading for Government Officials Act” and the support it has garnered highlight the public demand for increased transparency and accountability in government. By preventing government officials from engaging in stock trading and imposing stricter penalties, the proposed legislation aims to create a more ethical and fair system. This move could potentially mark a turning point in government ethics, setting a precedent for a more equitable future.
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