In a move that could reshape congressional ethics, Rep. Seth Magaziner (D-R.I.) announced that House Democratic leadership will introduce a discharge petition in January to force action on a bill banning stock trading by members of Congress, the president, the vice president and their immediate families.
Background
The effort follows a bipartisan bill co-sponsored by Magaziner and Rep. Chip Roy (R-Texas), called the Restore Trust in Congress Act. That bill would have limited lawmakers, their spouses, dependent children and trustees from owning, buying or selling individual stocks, but it excluded the executive branch.
Magaziner’s Position
Magaziner said he has introduced legislation similar to his bill with Roy that also extends to the president and vice president, and he said the bill is backed by House Minority Leader Hakeem Jeffries (D-N.Y.).
Discharge Petition Details
It is unclear whether the discharge petition will gain enough support from Republicans. Even if all 213 Democrats back the petition, five Republicans will be needed to reach the 218-signature threshold.
Magaziner’s Quote
“I don’t want to speak for them, but I will say, in general, I think it is possible that some Republicans could support a discharge petition for a bill that also includes the president and the vice president. I would not rule out that possibility. I think especially as we get later in the year and more members are past their primaries, the Republican primaries, more members are retiring and headed for the exit, I would not discount that as a possibility,” Magaziner said.
Luna’s Petition
Rep. Anna Paulina Luna (R-Fla.) introduced a discharge petition earlier this month to force action on Magaziner and Roy’s bill. As of Wednesday evening, only 57 Democrats have signed, while 15 Republicans have added their names.
Jeffries’s Reaction
Jeffries blasted Luna’s effort last week, arguing that any ban must be extended to the executive branch. “If she’s interested in dealing with corruption, do something about the active ongoing crime scene coming out of 1600 Pennsylvania Ave., the most corrupt administration in American history. And it’s not even close. And we don’t hear a peep from her or any of her colleagues about even extending the stock ban to the executive branch to Donald Trump, to JD Vance, or perhaps even to the Supreme Court,” Jeffries said.
Magaziner’s Support for Both Bills
Magaziner said Wednesday that he supports both bills. “My posture is that I support both discharge petitions, and I urge everybody to sign both,” he said.
Current Status
With 57 Democratic and 15 Republican signatures, the petition remains 146 signatures short of the required 218. House Democratic leadership is preparing to introduce the petition in January, and the debate over bipartisan backing continues.
Key Takeaways
- The discharge petition is scheduled for introduction in January.
- The bill would ban stock trading for Congress members, the president, the vice president, and their families.
- The petition currently has 57 Democratic and 15 Republican signatures, falling short of the 218-signature threshold.
The upcoming January discharge petition could force the House to confront the long-standing debate over stock-trading rules for lawmakers and the executive branch, with the outcome hinging on whether a small number of Republicans will join the Democratic majority.
