HB 18-38: Young Traders Act (Passed)

[Esteemed Jimmy]

Young Traders Act

To open the stock market to the youth.

Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed. (2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

Passed in the House of Representatives 5-1-2-1

Sponsor: lfromnj
House Designation: HB 18-38

[Esteemed Jimmy]

HB 18-38 is now on the House floor. Debate on this legislation has begun and shall last for no less than 72 hours.

[Esteemed Jimmy]

I'd support allowing 16-17 year olds to invest as long as a parent agrees. I don't think restricting to the fortune 500 companies is necessary. Maybe just limiting the total amount of shares bought within a timeframe to a certain amount.

[Esteemed Jimmy]

Representatives have 24 hours for objections.

[Esteemed Jimmy]

I don't think "iv. Brokers will not be held responsible for any losses due to trades" is needed in this bill since I think brokers are already not responsible for trading losses.

[Esteemed Jimmy]

The value of a stock and the total number of stocks in one company varies drastically from stock to stock. Shouldn’t the limit be on how much actual money they have invested in the market at any given time?

Yeah that was what I was aiming for when I said limiting the amount of shares bought.

[Esteemed Jimmy]

Proposing this amendment which reformats the bill and changes "the market and will be only be allowed to purchase and sell the top 500 companies in market cap at the date of purchase of the stock" to "purchasing and will only be allowed to purchase up to $500 worth of stocks per month".

Young Traders Act

To open the stock market to the youth.

Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed. (2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

[Esteemed Jimmy]

With no objections, the bill stands as:

Young Traders Act

Opening a limited stock market to the youth.

Section I: Actions now Allowed

A. Age Lowering
    i. The minimum age to open a special youth stock market account shall be lowered to 16.
    ii. Nothing stated above may prevent private brokers from setting their own age restriction stated it is above the age of 16.
   iii. Stated youth stock market account will not have full function of purchasing and will only be allowed to purchase 50 stocks of any company per month although selling all the stocks at once will be allowed.
  iv. Brokers will not be held responsible for any losses due to trades
  V. Brokers may not give special options that increases risk such as selling on margin or selling short.

[Esteemed Jimmy]

With no objections, the bill stands as:

Young Traders Act

To open the stock market to the youth.

Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed. (2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

[Esteemed Jimmy]

I motion for a final vote. Representatives have 24 hours for objections.

[Esteemed Jimmy]

A final vote has begun on this bill. Please vote AYE, NAY, or ABSTAIN.

Young Traders Act

To open the stock market to the youth.

Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed. (2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

[Esteemed Jimmy]

Aye

[Esteemed Jimmy]

With a majority of representatives voting to pass this bill, the vote will close in 24 hours and any Representative who wishes to change his or her vote must do so during that interval.

[Esteemed Jimmy]

Voting has closed. The final vote stands as:

Aye: 5 (Alancia, JGibson, Jimmy7812, lfromnj, TheShadowyAbyss)
Nay: 1 (fhtagn)
Abstain: 2 (azze, Tea Party Haterr)
Missed: 1 (MB)

Therefore, voting has closed and this bill passes 5-1-2-1.

[Esteemed Jimmy]

Young Traders Act

To open the stock market to the youth.

Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed. (2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

Passed in the House of Representatives 5-1-2-1