Virginia Democratic Rep. Elaine Luria called the push to ban lawmakers’ from trading stocks “bullshit,” saying that it fed a false narrative that members of Congress are “inherently bad or corrupt,” Punchbowl News reported.
“We already have the STOCK Act that requires people to report stock trades,” Luria told Punchbowl News. “Why would you assume – I mean, the people that you’re electing to represent you, it makes no sense that you’re going to automatically assume that they’re going to use their position for some nefarious means or to benefit themselves. So I’m very strongly opposed to any legislation like that.”
Luria owns between $1 million-$5 million of shares in Facebook and NVIDIA, according to her most recent financial disclosure form, and $500,000-$1 million of Netflix shares.
Luria, a moderate member of her party, represents Virginia’s 2nd district, which includes parts of Norfolk and the Tidewater region.
Luria’s comments are unpopular, according to recent polls, and come after an intense push to protect congressional stock trading by members in both parties. House Speaker Nancy Pelosi has also flipped on the issue after originally saying that lawmakers should be able to take part in the practice. (RELATED: McCarthy Considers Banning Lawmakers From Trading Stocks If Republicans Retake House Majority)
Here’s a look at the support for banning Congress members from stock trading by poll:
Data For Progress (Jan 15): 74%
Fox (Jan 19): 70%
Morning Consult (Jan 16): 63%
— Polling USA (@USA_Polling) January 23, 2022
House Minority Leader Kevin McCarthy has also floated banning the practice if Republicans take back the chamber in November.
A bipartisan bill called the TRUST in Congress Act was unveiled in the House in January, with its lead sponsor being none other than Democratic Rep. Abigail Spanberger, a fellow moderate from Virginia. It would require lawmakers, their spouses and dependent children to place all their investments into a blind trust until 180 days after they have left Congress.
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