A coalition of House Republicans and Democrats is advancing legislation aimed at prohibiting stock trading by members of Congress. Representative Anna Paulina Luna (R-Fla.) has initiated a discharge petition to facilitate a vote on this measure, which has attracted support from a range of lawmakers, including progressives like Representative Alexandria Ocasio-Cortez (D-N.Y.) and conservatives such as Representative Tim Burchett (R-Tenn.).

The discharge petition allows members to bypass the Speaker of the House, currently Mike Johnson, to force a vote on proposed legislation. Once enough signatures are gathered, the petition is locked in, and a vote must occur after a waiting period of seven legislative days.

Ocasio-Cortez has expressed optimism regarding the legislation's prospects, highlighting the ethical concerns surrounding stock trading by lawmakers and the need for reform. Previous attempts to pass similar bipartisan legislation under former Speaker Nancy Pelosi faced challenges, with speculation that Pelosi's opposition was influenced by her husband's trading activities. The urgency for a ban has increased following President Joe Biden's comments advocating for such a prohibition after leaving office.

In contrast, House Speaker Mike Johnson has indicated that he believes members of Congress should be allowed to own stocks, arguing that a complete ban could deter qualified individuals from seeking public office. Earlier this year, Johnson had supported a stock trading ban due to concerns about the 'appearance of impropriety.' In a recent interview, he suggested that there might be ways to regulate stock ownership without imposing an outright prohibition, stating, 'You don't want another deterrence for good people running for office.'

The proposed legislation, which would require current lawmakers to divest from individual stock holdings within 180 days and newly elected officials to comply within 90 days, also extends to the spouses and dependent children of lawmakers. However, investments in broadly held funds such as mutual funds and exchange-traded funds (ETFs) would still be permitted.

Luna and Burchett's efforts to push the bill forward through a discharge petition require the support of 218 House members, a threshold that Johnson has expressed skepticism about achieving. He remarked, 'You need to let the process play out.' Despite this, House Minority Leader Hakeem Jeffries noted significant Democratic support for the initiative, although he acknowledged that Republican opposition could delay progress until Democrats regain control of the House. The future of the legislation remains uncertain, particularly as it must also navigate the Senate, where similar proposals have faced obstacles.