Rep. Anna Paulina Luna, R-Fla., told Newsmax on Wednesday she is pressing ahead with legislation to ban members of Congress from trading individual stocks.
She said too many lawmakers profit from insider information and enrich themselves while serving the public.
On “Finnerty,” Luna said the legislation, sponsored by Rep. Tim Burchett, R-Tenn., is aimed at restoring public trust after years of bipartisan criticism over congressional stock trading and high investment returns seen by elected officials.
“There’s massive bipartisan support from the American people,” Luna said. “But insider trading does exist.
“There are members that are receiving insider information prior to shifts in the market. Not to mention they’re also massively getting returns on their investments — sometimes 600% or 700%.”
Luna singled out Rep. Nancy Pelosi, D-Calif., citing reports that the former House speaker’s portfolio once saw returns of nearly “17,000%,” and said the measure would ensure “another Nancy Pelosi” situation could never happen again.
“If you want a job in stock trading, go to Wall Street, not Congress,” Luna said.
She said she has received mixed signals from GOP leaders about whether the legislation will move forward but warned she is prepared to act independently if necessary.
“I just received a tip from a reporter that said, actually, they’re trying to kill it,” she said. “So, I was very proactive and filed something called a discharge petition.
“If I smell any funny business, I will be bringing that forward.”
Once filed, the petition would need 218 signatures to bypass Speaker Mike Johnson, R-La., and bring the measure to the floor for a vote.
Luna said she has support from across the Republican conference to force a floor vote.
The House Administration Committee is reportedly considering holding a hearing as soon as next week on several proposals to limit or ban stock trading by members and their spouses.
The issue has gained renewed attention after watchdog reports showed that dozens of lawmakers made trades in sectors overseen by their committees.
Luna said banning trading would send a message that lawmakers “work for the people, not the markets.”
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