Rep. Zach Nunn: Successful Efforts to Ban Congressional Stock Trading May Depend on Trump’s Support
Rep. Zach Nunn, a Republican from Iowa, believes that success in the fight to ban congressional stock trading will require an understanding of the “battle-space.” As a former Air Force Reserve colonel, Nunn notes that the endeavor will face significant obstacles, but with Donald Trump’s potential return to the White House, momentum could shift in favor of reform.
Trump’s support for the ban could be a game-changer, according to some lawmakers. Rep. Seth Magaziner, a Democrat from Rhode Island, believes that having the former president on board could create a “perfect storm of positive factors.” Sen. Josh Hawley, a Republican from Missouri, agrees, stating that Trump’s support would be “very meaningful” in promoting change.
Despite the challenges ahead, lawmakers are pushing forward with the issue. Rep. Zach Nunn, Rep. Marie Gluesenkamp Perez, and others have introduced legislation aimed at addressing the problem. Several other proposals are also in the works, with some focusing solely on banning individual stock trading and others taking a more comprehensive approach.
President Joe Biden recently expressed support for a ban on congressional stock trading, but his announcement came late in his presidency, making it unlikely that his administration would have been able to implement the change. Trump has not yet publicly weighed in on the issue, but his transition team has been unresponsive to requests for comment on the topic.
While some lawmakers are optimistic about the prospects for reform, others remain skeptical. According to Unusual Whales, a platform tracking congressional stock trades, the average member of Congress tends to outperform the market, with some reaping large profits. This has led some to question the need for reform, citing the lack of evidence that individual trading leads to insider trading or impropriety.
Despite these challenges, advocates of the ban remain committed to the cause. Sen. Jeff Merkley, a Democrat from Oregon, notes that while navigating the necessary procedural obstacles will be difficult, he will continue to push for reform. Rep. Brian Fitzpatrick, a Republican from Pennsylvania, plans to broach the subject with Trump, citing the recent election results as a sign that the time for change has come.
As the debate continues, one thing is clear: the road to a ban on congressional stock trading will be long and challenging. But with Trump’s potential return to the White House, some believe that the momentum needed to bring about change may finally be within reach.