Rep. Seth Magaziner, D-R.I. said House Democratic leadership will introduce a discharge petition next month to force a vote on a bill that would ban stock trading by members of Congress, the vice president, the president, and their immediate families, the Hill reported.
Magaziner and Rep. Chip Roy, R-Texas, had previously proposed the Restore Trust in Congress Act that would have prohibited only lawmakers, their spouses, dependent children, and trustees from owning, buying, or selling individual stocks.
Democrats had criticized the bill, because it did not apply to the executive branch, The Hill reported.
Magaziner said his new bill has the support of House Minority Leader Hakeem Jeffries, D-N.Y.
The Rhode Island Congressman said he believes some Republicans will support his petition.
Five Republicans would need to sign the petition to force a vote if all Democrats sign on.
"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," Magaziner told The Hill.
"I would not rule out that possibility, especially later in the fiscal year when more members are past their primaries — particularly Republican primaries — and others are retiring and headed for the exit," Magaziner added.
Earlier this month, Rep. Anna Paulina Luna, R-Fla., filed her own discharge petition that would ban members of Congress and their immediate families from trading individual stocks.
Luna had warned for months that she would seek a procedural end run if leadership did not accelerate action.
"We have decided, because of a lack of movement from the House of Representatives, to initiate the discharge petition to ban insider trading," Luna said in a video posted on X.
"If leadership wants to put forward a bill that would actually do that and end the corruption, we're all for it," Luna added.
Fifteen Republicans and 57 Democrats have signed on to her petition.
Magaziner said he supports both discharge petitions.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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