Rep. Seth Magaziner (D-R.I.) said U.S. Democrats plan to introduce a discharge petition early next year to force action on a bill banning Congress members from stock trading. The effort came as House Democrats rallied against a bipartisan bill that would prohibit lawmakers and their immediate family members from trading stocks.
House Democrats rallied against a bill introduced by Magaziner and Rep. Chip Roy (R-Texas), dubbed the Restore Trust in Congress Act, which prohibits only lawmakers (excluding the executive branch) and their immediate families from trading stocks.
Magaziner mentioned that he has already introduced legislation similar to his bill with Roy that also extends to the president and his deputy. The bill is backed by Hakeem Jeffries (D-N.Y.), the House minority leader.
However, it still remains unclear whether the discharge petition bill will gain support from Republicans. Meanwhile, only five Republicans will be needed to reach the 218-signature mark, even if all 213 Democrats ultimately support the petition.
Magaziner says House minority leader backs bill
Magaziner said he has introduced a bill similar to the one he proposed with Roy, which extends to the President and his deputy.
House Minority Leader Hakeem Jeffries backs the bill, although it remains unclear whether the discharge of Bitcoin is open to the public. Magaziner also pointed out that the bill he introduced may not gain enough support from Republicans.
However, Magaziner still believes that it is a possibility, especially towards the end of the year when most Republican representatives get past their primaries. He also noted that most Republican members are retiring and headed for the exit.
Luna introduces discharge petition to force action on Magaziner’s bill
Rep. Anna Luna (R-Fla) also introduced a bill to force action on Magaziner and Roy’s bill. However, Democrats have remained divided on endorsing it, with only 57 members signing on as of Wednesday. Approximately 15 Republicans have already signed on to it.
Meanwhile, House Minority Leader Hakeem Jeffries (D-N.Y.) blasted Luna’s effort last week, arguing that any ban needs to be extended to the executive branch of the government. He noted that she should be interested in addressing corruption or taking action against the ongoing crime scene at 1600 Pennsylvania Avenue.
However, Jeffries emphasized that the executive branch should be included in the stock ban. Meanwhile, Magaziner said on Wednesday that he supports both bills and urged everyone to sign them both.
Democrats at odds over the Republican-led discharge petition
House Democrats are reportedly at odds over the Republican-led discharge petition to ban stock trading by members of Congress. However, some representatives believe that any petition to ban stock trading by Congress members should also apply to the executive branch. Jeffries supports both discharge petitions and urges everyone to sign them.
Meanwhile, Democrats have remained divided on endorsing the newly introduced bill, with only 57 users having signed on as well. Jeffries believes that Luna and her colleagues should support extending the ban to the executive branch, which includes President Donald Trump, Vice President JD Vance, and perhaps the Supreme Court.
On the other hand, lawmakers in both parties agree on the need for reforms regarding stock trading, despite differing on its approach. A discharge petition is typically viewed as a challenge to the House leadership, with a successful effort likely requiring the support of a majority of Democrats.
The main question is whether Republicans have the will to partner with Democrats in a bipartisan way.
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Source: https://www.cryptopolitan.com/democrats-congressional-stock-trading/
