UPDATE: House Speaker Mike Johnson has just announced that lawmakers should be allowed to own stocks, pushing back against calls for a ban on congressional stock trading. In an interview with Punchbowl News on Wednesday, Johnson emphasized that restricting stock ownership could deter qualified individuals from running for office.
“You don’t want another deterrence for good people running for office,” Johnson stated. This marks a significant shift from his earlier stance earlier this year in which he supported a ban, stating, “I don’t think we should have any appearance of impropriety.”
The urgency of this issue escalates as Republican Representatives Anna Paulina Luna of Florida and Tim Burchett of Tennessee are actively pushing for a vote on a bipartisan bill aimed at banning members of Congress from trading stocks. This proposed legislation would require members to divest from individual stocks within 180 days of the bill’s enactment, while newly elected officials would have 90 days to comply. The ban would also extend to lawmakers’ spouses and dependent children, though investments in mutual funds and ETFs would still be permitted.
As the debate heats up, Luna and Burchett are utilizing a “discharge petition,” which could force a vote if 218 or more House members sign on, regardless of Johnson’s opposition. However, Johnson expressed skepticism about reaching that number, urging patience for a resolution. “You need to let the process play out,” he told Punchbowl.
This clash comes amid a broader consensus among Democrats, with House Minority Leader Hakeem Jeffries affirming their strong support for a stock trading ban. He noted that, given current GOP resistance, any significant action may have to wait until Democrats regain control of the House.
The implications of Johnson’s comments resonate deeply, as the question of stock ownership and potential conflicts of interest continues to stir public concern. With lawmakers under scrutiny, the outcome of this debate could redefine ethical standards within Congress.
As developments unfold, all eyes will be on the House to see if the push for a stock trading ban gains traction, reflecting a growing demand for transparency and accountability in government. Share this urgent update to keep others informed on this critical issue affecting our legislative process.
