TikTok Ban Bill Becomes Law, Gives TikTok 9 Months To Sell
TikTok Ban Bill Becomes Law, Gives TikTok 9 Months To Sell
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.
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I wonder how many of these lawmakers will be invested in the company that swoops in and saves the American public?
For real. You know Pelosi is already investing.
If she’s investing at the same time you’re getting the information, she missed the best time to buy. She might have hedged her bets and bought early
Fun fact: Congresspeople can legally inside trade, but the rest of us cannot.
Politicians should be banned from stock market. Total conflict of interest.
Eight Democrat Senators agree with you, and cosponsored a bill in September that died at introduction.
https://www.congress.gov/bill/118th-congress/senate-bill/2773/all-actions-without-amendments
if we keep electing people trying to maintain the status quo, then it'll never happen
It’s a catch-22. To get elected, you need to learn to manipulate within the system. Once elected, you know how to leverage the system, so why would you change it?
The best chance we’ll have for systemic change will come when boomers die off. That shouldn’t discourage efforts today, but impart some hope for the future.
I want to believe that the most change will happens when boomers are gone, but I don’t trust that the new era of politicians won’t get caught up in the game.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
What does that mean?
It wasn’t put to a vote after being read aloud on two separate introductions. It was then forwarded to the Senate Homeland Security and Governmental Affairs Committee where it went to die.
They don’t review it and then hand it back to congress?
If they see value in the bill they can mandate a vote. That was over six months ago, so I wouldn’t hold my breath.
they're probably all sucking the teat one way or another, even at the lowest levels.
Good Work just recently put out a video on this very topic. Informative and hilarious as usual!
Thanks! I never heard of this show.
I'd be fine if they were allowed to invest in things like mutual funds so that they could take advantage of the market without being able to do insider trading of a specific stock.
that would be better, but they could still invest in specific sectors or industries.
Yep, and maybe that's somewhat acceptable, but we could also confine it to diversified mutual funds meeting specific criteria.
Edit: confine, not congratulations
Congratulations!
But yeah you gotta limit it
That’s not true. It’s still illegal even though they get away with it. You’re thinking of
briberylobbying.According to the STOCK Act of 2012, 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.
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.
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.
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.
If everyone doing it gets away with it, then is it actually illegal?
Yes. It is. They just need to be arrested and prosecuted. I agree that it should be taken more seriously, considering that it’s against the law.
No one has ever been prosecuted in the decade and change that it has been illegal, despite frequent violations.
That doesn’t change the law. It’s simply evidence that Congress lives above it. Seven Democrat Senators cosponsored a bill in September to ban the practice entirely. It died at introduction.
https://www.congress.gov/bill/118th-congress/senate-bill/2773/all-actions-without-amendments
Martha. Stewart.
Fun fact: Everyone with hundreds of millions+ in holdings either trades with insider information or pays others to do it, because our metrics and enforcement for insider trading are a gallows joke.
For sure they’re already in way before general public
Well, as it is what her husband did for a living his entire very successful life, but sure the Lady you don't like is wrong for him doing his job well.
A. Her husband is not a lawmaker. B. I’m sure her position helps C. Don’t simp for politicians. They DGAF about you.
A: which is why him having a ton of money he made more with isn't a relevant condemnation of the woman.
B: his having a shit ton of money already helps a hell of a lot more so fuck off with your unsubstantiated claim.
C: at no point did I remotely suggest she did so fuck off with your attempt to imagine things to argue about since you've not a leg to stand upon.
I’m pretty sure I could be incredibly successful at trading stocks as well if I was married to a Senator who could give me inside information, lmao.
As she didn't join Politics until '87, guess they invented communicating to with their past selves, lmao. If you've got any proof, kindly advise the FBI. Where as you've none, head on back to peddle that shit to fux nooz.
Christ, am I supposed to memory hole that Pelosi’s husband making a shit ton of money off stocks THREE YEARS AGO is what led to a round of antitrust bills getting introduced? Is there literally any criticism of these rich fucks you can hear without immediately shrieking about conservatives?
Well, you are shit holing that he made a shit ton of money before her first Campaign. So perhaps instead of doubling down upon your unsubstantiated right wing bull shit propaganda, actually check what happened. But you won't Instead you'll go on pretending you didn't know that folks with a shit ton of money go on to make more shit tons of money so you can maintain your delusional belief in fux newbs' distraction.
Pathetic watching ancient, feeble rich people about to return to the dust from whence they came still frantically positioning to boost their ego scores.
It's as if they believe their preferred invisible sky mommy/daddy will accept a bribe of earthly currency.
I would rather chill in my basement.
it's an addiction
Don't worry everyone, it's just pelosi's 3rd cousin doing the investing so that makes everything totally cool and totally legal.
Congressional Representatives and Senators are shielded from most insider trading laws. She could literately buy in, flip the SEC the bird, and go on her merry way.
The company behind tik tok said they will not sell they America is only 20% of their global market. They have refused to give their source code.
So guess app just won't work in US. Dumb ass lawmakers only people this hurt are the US citizens that are using it to make money.
So guess app just won’t work in US
The good ending
Except you can just…VPN to almost any country on the planet
Nobody is gonna use a VPN to get their TikTok fix. They'll use Facebook Reels or YouTube shorts, since most content creators cross-post their stuff there anyway.
Which is the actual intent of attacking a single point of the problem instead of the actual problem of the abuse of end users by all the corpo's social media and other apps., free or otherwise is no longer important.
I will probably do it. Out of spite. Might even show my Congressional rep at the next town hall meeting.
You need more than a handful of brain cells for that, so it's not exactly the easily manipulated target audience of TikTok.
Passing a law to give the executive branch overreaching censorship authority over the internet while simultaneously campaigning that the other option in the next election wants to use the power of that office to overthrow democracy. This is the “good ending”.
I don't see how anyone is hurt by losing access to Tiktok. The only sad part about this is that all social media isn't banned.
You joke but this has a chilling effect on all sm platforms based outside of the US. They just took a massive shit on the 1st amendment.
They just took a massive shit on the 1st amendment.
lol
1st amendment protects citizens, not foreigners.
Except this ban is doing the exact opposite. It's only affecting US citizens. Foreigners are not affected
You are on social media. You can leave any time, that was always allowed.
I see nothing wrong with posting to social media to advocate against it, I'll feel free to stay.
Does your posting history bear out that that’s why you’re here, though? 🤷♂️ I’m not asking for you to justify it to me, it’s just silly to pretend you’re not participating in something you say should be banned.
My posting history bears out extensive shitposting and calling things as they're seen. I don't take any issue with Lemmy/Fediverse due to how they're decentralized and orchestrated. I'm against predatory algorithms and user manipulation. I believe that the Fediverse itself will be a good thing until it becomes the villain, much like how our utopian social experiments usually go.
The company behind tik tok said
China. It's China that "said".
All the folks quoting what a small part of their audience the US is, never mention what percentage of their gross the US is. CCP won't pay for eyeballs in Azerbaijan.
In the U.S., we have given our third-party Trusted Technology Provider access to the code that drives the content you see - the For You feed - and we are on a path to allowing an unprecedented amount of third-party access to verify our source code and systems, something no other peer company has done.
https://newsroom.tiktok.com/en-us/ensuring-a-safe-authentic-space-during-times-of-conflict
Mnuchin (fmr Trump Treasury Sec) is already setting up a group to try and buy it apparently.