Mike Johnson Advocates for Lawmaker Stock Ownership Amid Ban Proposals

House Speaker Mike Johnson has publicly expressed his support for allowing lawmakers to retain ownership of stocks, a stance that contrasts with growing efforts to implement a ban on congressional stock trading. In an interview with Punchbowl News on Wednesday, Johnson argued that preventing lawmakers from trading stocks could deter qualified individuals from seeking office.

Johnson emphasized the importance of not creating additional barriers for potential candidates, saying, “You don’t want another deterrence for good people running for office.” He clarified that while he opposes illicit conduct by lawmakers, he believes there are ways to regulate stock ownership without completely prohibiting it.

Earlier this year, Johnson had indicated his support for a ban on congressional stock trading, stating, “I’m in favor of that, because I don’t think we should have any appearance of impropriety.” His recent remarks reflect a shift in tone, coinciding with a push from Republican Representatives Anna Paulina Luna of Florida and Tim Burchett of Tennessee, who are advocating for a vote on legislation that would ban stock trading by members of Congress.

Proposed Legislation and Bipartisan Support

The proposed legislation, drafted by a bipartisan coalition, would require current members of Congress to divest from individual stock holdings within 180 days following the bill’s enactment. Newly elected lawmakers would have a shorter timeframe of 90 days to comply. The ban would extend to lawmakers’ spouses and dependent children, although investments in broadly held funds, such as mutual funds and exchange-traded funds (ETFs), would still be permitted.

Luna and Burchett are attempting to advance this legislation through a mechanism known as a “discharge petition.” This process allows a vote to be triggered if 218 or more members of the House sign on, regardless of the Speaker’s opposition. Johnson has expressed skepticism about their ability to reach that number, suggesting that the legislative process should unfold naturally. “You need to let the process play out,” he advised.

Democratic Stance on Stock Trading Ban

On the Democratic side, there is significant support for banning congressional stock trading. Hakeem Jeffries, the House Minority Leader, stated during a press conference on Monday that Democrats “overwhelmingly support a ban on congressional stock trading.” However, he acknowledged that the current Republican opposition might delay any action on this issue until after the Democrats regain control of the House.

Johnson’s comments reflect ongoing tensions within Congress regarding the ethics of lawmakers’ financial dealings. As discussions continue, the future of stock trading regulations among lawmakers remains uncertain, with both sides of the aisle advocating for different approaches.

As the debate evolves, it remains clear that the implications of stock ownership for members of Congress will be a focal point of legislative discussions in the coming months.