The people who oversee the largest budget in the world, who are in charge of an entity ultimately responsible for the largest number of employees in the U.S., and who are put in charge specifically to represent constituents somehow have no broad fiduciary duty — Congress.In most large businesses, and certainly every publicly traded one, a board of directors is put in place to represent that business’s stakeholders.This is referred to as a fiduciary duty, which in layman’s terms, is a legal obligation to act in the best interests of those you represent.
It also comes with consequences, because as a fiduciary, you can be sued for putting your interests ahead of those you represent or for negligence or bad judgment.Fiduciary relationships come into place not only in companies, but for certain financial advisory relationships and trustees as well.The fiduciary relationship is a legal one, which means those in charge must legally act honestly and with care, avoid conflicts of interest and be trustworthy to the parties they represent.EX-HOUSE DEM WHO RIPPED CONGRESSIONAL STOCK TRADING BAN AS 'BULLS---' CHANGES HER TUNE IN COMEBACK BIDSomehow, Congress has managed to avoid this.
Sure, they take a "moral" oath and have some fairly weak, in my opinion, disclosure and ethics rules.But the people who are in charge of making laws and passing budgets (if you can call regular and overwhelming overspending a "budget") have no true legal, fiduciary role.U.S.
national debt hits $40 trillion for the first time and there is little relief in sight.(Fox News)We have seen and paid the price for this.
The national debt exceeds $40 trillion.Congress spends around $7 trillion a year, $2 trillion more than it takes in.
They have been at the center of driving massive inflation for the American people.We, as a country, are now paying more for the interest on our debt than we are for the defense of our country, the latter being one legitimate thing government should be doing.GOP FIS...