Rep. Anna Paulina Luna (R-Fla.) is stepping up her campaign to shut down active stock trading in Congress, pushing for a blanket ban that would bar lawmakers from indulging in such activities.
An ‘Outright Ban’ On Congressional Stock Trading
Luna stated bluntly that claims of there being no insider trading on Capitol Hill were “B.S.,” pointing to the unusually high returns generated by several lawmakers, while appearing on Fox Business’ “Kudlow” on Thursday.
According to her, “most members are making 600% returns after they are aware of information [and] how it's going to pass,” a pattern she says undermines public trust.
Luna is backing what she called an “outright ban on stock trading,” a proposal that would block lawmakers, their spouses and dependent children from buying individual stocks. “If you want to trade stocks, go to Wall Street, don't do it in Congress,” she said.
She noted there are “three different versions of this bill,” but the one she is advancing would require lawmakers to declare incoming assets while restricting new purchases of individual equities.
The goal, she said, is to move the measure forward through “regular order,” allowing amendments so members “feel they can take part in the process.”
But Luna also warned that some in Congress may try to weaken the legislation. She said she had been told earlier this year that leadership might “try and slow-walk this,” prompting her to file a discharge petition that she's prepared to use “at any time if they decide to play games.”
Despite internal resistance, Luna said the public is “overwhelmingly” behind reform, adding that bipartisan support exists outside of congressional leadership. “It's not right,” she said.
Luna pointed to the dramatic rise in former House Speaker Nancy Pelosi's (D-Calif.) net worth as an example of why the issue resonates with voters.
Nancy Pelosi’s Staggering Investment Returns
Pelosi’s retirement announcement last week has revived scrutiny of her trading activities and the massive gains she amassed over more than four decades in Congress.
Citing the eye-popping 16,930% returns and more than $133 million in total gains, according to a Fox News clipping, Florida Gov. Ron DeSantis (R) quipped this week, “We might have to see if we can get Pelosi to run Florida's pension fund,” in a fresh attack on the Representative from California.
Pelosi’s returns, however, pale in comparison to her peers in Congress, with top-performing portfolios generating between 70% to 149% in 2024 alone, amid growing calls for a ban.
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