National Platform of the Libertarian Party
Adopted in Convention, May 2004, Atlanta Georgia
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II. Trade and the Economy
Finance and Capital Investment
The Issue: Government regulation of capital markets inhibits investment, and creates marketplace advantage for those with political access, through exemptions to laws against fraud and breach of contract.
The Principle: Free markets should operate unhindered by government regulation, while government should punish fraud, theft and contractual breach without exception.
Solutions: We call for the abolition of all regulation of financial and capital markets. What should be punished is the theft of information or breach of contract to hold information in confidence, not trading on the basis of valuable knowledge.
Transitional Action: We call for the abolition of the Securities and Exchange Commission, of state "Blue Sky" laws which repress small and risky capital ventures, and of all federal regulation of commodity markets. We oppose any attempts to ban or regulate investing in stock-market index futures or new financial instruments which may emerge in the future. We call for repeal of all laws based on the muddled concept of insider trading. We support the right of third parties to make stock purchase tender offers to stockholders over the opposition of entrenched management, and oppose all laws restricting such offers.
