TikTok Ban Bill Becomes Law, Gives TikTok 9 Months To Sell | Entrepreneur
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President Biden signed a bill that states if TikTok doesn't cut ties with its China-based parent company ByteDance over the next nine months to a year, it will be banned in the U.S.
  • DharkStare@lemmy.worldEnglish
    11·
    1 year ago

    Just to clarify. Insider trading is illegal but it is not illegal for politicians in Congress to use the information they obtain from their jobs (such as through classified meetings) to engage in stock market trades.

    • disguy_ovahea@lemmy.world
      3·
      1 year ago

      It’s not a failure of the law. It’s a failure of the SEC for not enforcing it.

      MYTH: Members of Congress are exempt from insider trading laws.

      FACT: Both a Congressional Research Service Report and House Administration Committee memo indicates that Members of Congress are subject to the same insider trading rules as the general public.

      https://perry.house.gov/how-can-scott-help/myths-about-congress.htm#:~:text=FACT%3A Both a Congressional Research

    • disguy_ovahea@lemmy.world
      2·
      1 year ago

      That’s simply not true. They have no exemption to insider trading laws. It simply comes down to trade timing.

      The way the law is written, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock prior to the legislation being publicly enacted. The SEC just hasn’t charged them.

      What they do is not legal, they just live above the law.