GOP Rep. Anna Paulina Luna moves to force vote on banning stock trading by members of Congress
Washington — Rep. Anna Paulina Luna took a bold step on Tuesday by introducing a discharge petition to push for a vote on a bipartisan bill that would ban members of Congress from trading individual stocks. The Florida Republican’s move follows through on a threat she made months ago to force action on the issue.
The discharge petition, if it garners 218 signatures, would circumvent House leaders and bring the Restore Trust in Congress Act to the floor for a vote. This procedural maneuver has become a common tactic for lawmakers looking to address issues that may have been overlooked by party leaders.
The bill, introduced by Republican Rep. Chip Roy of Texas in September, has garnered support from over 100 members across the political spectrum, including progressives, conservatives, and moderate Republicans and Democrats. The legislation aims to prohibit members of Congress, their spouses, and dependent children from owning or trading individual stocks.
However, despite the bipartisan backing, the bill is facing opposition from members in both parties who are reportedly lobbying against its passage. Democratic Rep. Seth Magaziner of Rhode Island highlighted the resistance within Congress, stating that there are influential members trying to prevent the bill from moving forward.
The existing STOCK Act, which has been in place for 13 years, prohibits the use of nonpublic information for financial gain by members of Congress and other federal employees. It also mandates disclosure of stock trades exceeding $1,000 within 45 days. Critics argue that the law lacks transparency and needs reforms to prevent public officials from exploiting their positions for personal profit.
During a recent hearing before the House Administration Committee on congressional stock trading, Dan Savickas, the vice president of policy and government affairs at the Taxpayers Protection Alliance, revealed that members of Congress from both parties have consistently outperformed the market. This has raised concerns about potential misuse of insider information for personal financial gain.
Despite the existing regulations, no member of Congress has ever been prosecuted under the STOCK Act, and there are no public records of officials being fined for disclosure errors, according to James R. Copland, a senior fellow at the Manhattan Institute for Policy Research.
Luna expressed skepticism about the effectiveness of a recent hearing on the matter, referring to it as a mere spectacle. She voiced concerns about the possibility of diluted legislation lacking enforcement measures being presented instead of the comprehensive bipartisan bill.
