"It's a giant red flag when so many representatives are beating out the S&P 500 despite the most tumultuous market in years, raising questions whether some are taking advantage of their privileged positions," said one ethics advocate.The government watchdog Accountable.US reported Friday that a majority of incumbent members in the U.S.
"It's a giant red flag when so many representatives are beating out the S&P 500 despite the most tumultuous market in years, raising questions whether some are taking advantage of their privileged positions," Liz Zelnick, who directs the economic security and corporate power program at Accountable.
However, critics have long called existing legislation"toothless," while calling for more stringent safeguards against self-dealing by members of Congress. "The status quo has allowed many in Congress to trade in secret by kicking the can on public disclosure, which only invites corruption and conflicts of interest," Zelnick argued."The less means and opportunity Congress has to use their influence to game the stock market for personal and family gain, the less it will happen."last September that nearly 100 members of Congress reported trading stock in companies influenced by their committees.