Reps. Alexandria Ocasio-Cortez (AOC) (D-NY14) and Anna Paulina Luna (R-FL13) are teaming up on another piece of legislation. The two congresswomen, who exist on opposite ends of the political spectrum, both signed on to new legislation. This time, they want to “ban Members of Congress and their families from engaging in insider trading.” The new legislation comes after years of the American public calling out those using their position for financial gain. Here’s what we know about the proposed bill.

Reps. AOC and Anna Paulina Luna are working together again

The two congresswomen are working together to ban individual stock trading by elected officials on the Hill. The Restore Trust in Congress Act reconciles bills previously introduced that attempted to tackle the issue. The proposed bill has new momentum after a group of bipartisan lawmakers spoke at a press conference. The lawmakers shared that they had come to an agreement on the new bill. Now, they are working to get it on the House floor for a vote.

“I mean, if anyone says, you know, ‘This isn’t fair. I’m going to have to divest all my stocks if I’m going to run for Congress.’ Maybe you should stay home. I ran for office. I was a waitress. Plenty of people have to make tons of sacrifices to run for office. But I think that, really, the idea that this is some undue burden is outrageous. The fact of the matter is, respectfully, and I know I may offend some of my colleagues here, but millionaires are very overrepresented in Congress. No offense,” Rep. AOC said at the press conference.

AOC added: “I believe that actually banning the trade of individual stock can help even the playing field and perhaps open the door to other provisions that can make this an easier place for working-class people to be elected to and serve.”

The American public already overwhelmingly supports this

According to a survey in 2023 from the University of Maryland’s School of Public Policy, banning members of Congress from trading stock is popular with a majority of Americans. The survey 86 percent of Americans support ending Members of Congress from being able to trade stock while in office. Eighty-seven percent support the same rule for the President, Vice President, and Supreme Court Justices.

“I sometimes feel like an adjudicator in this job, so I guess I’ll be the one to say that we’ve asked nicely for leadership to put this on the floor. If they don’t, I’m saying the timeline is end of month, there is a discharge petition prepared and ready to go. I think it’s very clear where the White House stands on this. I don’t speak for the White House, but the president has said he supports banning this because it is corrupt,” Rep. Luna told the press. “Frankly, the fact that members are getting, what, plus-600 percent returns on their investments is wrong. But, more importantly, how can you ever be expected to represent your constituents when you’re clearly worried about your pocketbook? So, that’s why we are here today.”

COVID-19 exposed just how unbalanced stock trading was for elected officials

Americans called for four senators to resign in 2021 after learning that they had sold stocks after receiving private briefings at the beginning of the pandemic. Senator Richard Burr (R-NC), Senator Kelly Loeffler (R-GA), Senator Dianne Feinstein (D-CA), and Senator Jim Inhofe (R-OK) all faced hearings over alleged impropriety.

Officials accused the four senators of selling millions of dollars’ worth of stocks after receiving information about COVID-19. This is illegal, according to the Stop Trading on Congressional Knowledge (STOCK) Act of 2012. Officials closed all the cases without filing charges against the senators.

Sen. Loeffler faced the most scrutiny due to her social media posting after selling her stocks. In a tweet from February 28, 2020, she tweeted, “Democrats have dangerously and intentionally misled the American people on #Coronavirus readiness.”

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