Pirate's Cove

It would be interesting to see how much of federal money ends up as graft, and especially as ending up in the pockets of family and friends

GOP takes aim at Congress’ next ‘get filthy rich’ loophole after stock-trading ban

While the House successfully moved to rein in lawmakers’ stock trading, a California Republican is targeting what she says is another avenue for congressional self-enrichment, citing members whose wealth has multiplied over the years.

Rep. Young Kim’s Stop Congressional Self-Enrichment Resolution comes after a successful GOP-led effort in July that imposed restrictions on stock purchases and requires several days’ notice before stock sales. It also comes as Americans across the political spectrum remain frustrated by many lawmakers’ rapidly growing wealth while in public office.

“It could be earmarking a nonprofit organization where a member’s spouse sits on the board of directors or board of trustees, so it will indirectly benefit the family. Or it could earmark for a park at, let’s say, an apartment building that a member or member’s spouse or member’s children owns,” Kim told Fox News Digital.

“And with the federal funds that the member brings and build the park nearby or community center nearby, it could increase the property value and therefore indirectly benefiting the member and their family members. Maybe asking to build a road up to rural land the member owns.”

Her new push would cover all material financial interests — direct or indirect — that benefit people beyond the lawmaker themselves.

Current House rules require members requesting an earmark to certify that neither they nor their spouses have a financial interest in the recipient. Kim’s bill would extend that requirement to immediate family members and indirect financial interests, such as nearby property values.

It’s a good start, but, will it be voted down? There are several instances of earmarks which sure seemed like a conflict of interest, but, how many make sense and how many are financially beneficial? Those are the problem. Also, that a lot of these earmarks are way, way, way above what is actually necessary for the project.

“The days of members thinking that ‘I can use the community project funding request or bringing the earmarks for my district and get filthy rich off of it’— those days are numbered.”

“This is a good time because we see Americans are sick and tired of watching politicians getting filthy rich while average Americans are worrying about making ends meet and stretch every dollar that they earn.”

Next up, let’s stop the current allocation process, where around 20-30% ends up being used for the actual project and the rest disappears into the pockets of friendly NGOs and companies, with some coming back to campaigns.