The federal government has an ethics problem: regulators and members of Congress who make laws governing trade rules, industry regulations, and more, also own stocks in the very companies they are overseeing. As the Wall Street Journal reports, while there is a law to block such conflicts of interest, it is rarely if ever enforced. Take Mark Wu, for example: tapped by President Biden to help craft key trade policy regarding online retailers and other Silicon Valley tech companies, Wu simultaneously held $1 million of Amazon stock. When an agency chief of staff asked Wu to sell the stock or recuse himself from crafting the digital trade policy, Wu resigned. “Violations often go unpunished,” the Wall Street Journal notes. “When a problematic holding is identified, if the official resists selling it, the rules often are waived. The result is a system that largely relies on government employees to police their own stock investing”
📈 Stocks Locked And Barred
📈 Stocks Locked And Barred
📈 Stocks Locked And Barred
The federal government has an ethics problem: regulators and members of Congress who make laws governing trade rules, industry regulations, and more, also own stocks in the very companies they are overseeing. As the Wall Street Journal reports, while there is a law to block such conflicts of interest, it is rarely if ever enforced. Take Mark Wu, for example: tapped by President Biden to help craft key trade policy regarding online retailers and other Silicon Valley tech companies, Wu simultaneously held $1 million of Amazon stock. When an agency chief of staff asked Wu to sell the stock or recuse himself from crafting the digital trade policy, Wu resigned. “Violations often go unpunished,” the Wall Street Journal notes. “When a problematic holding is identified, if the official resists selling it, the rules often are waived. The result is a system that largely relies on government employees to police their own stock investing”