Rep. Elaine Luria (D-VA) is speaking out against a proposal to ban lawmakers from trading stocks, calling it “bullsh*t.”
Punchbowl News’ Max Cohen noted House Speaker Nancy Pelosi (D-Calif.) is publicly “going to back a ban on stock trading among members.”
When asked for her thoughts on the matter, Luria replied, “So my thoughts on it, you know, I think this whole concept is bullshit. Because I think that, why would you assume that members of Congress are going to be inherently bad or corrupt? We already have the STOCK Act that requires people to report stock trades.”
She continued, “Why would you assume – I mean, the people that you’re electing to represent you, it makes no sense that you’re going to automatically assume that they’re going to use their position for some nefarious means or to benefit themselves. So I’m very strongly opposed to any legislation like that.”
Cohen then mentioned Rep. Abigail Spanberger (R-VA), who has “kind of led the charge on this.”
He asked Luria, “Have you talked with her about your concerns about trying to ban congressional stock trading, or is that something you’ve kept to yourself so far?”
Luria replied, “No, I mean that I’ve talked to her. I know that I don’t agree with her on this issue. I mean, we’re great friends together in Virginia, but it was an issue where we differ.”
The outlet noted Luria and her husband, Robert Blondin, own between $1 million to $5 million in Facebook stock, $1 million to $5 million in NVIDIA stock, and $500,000 to $1 million in Netflix stock.
In 2021, Luria and her husband traded hundreds of thousands of dollars in stocks, as Punchbowl News reported.
Additionally, the outlet pointed out that Luria “now finds herself in an unusual position – a vulnerable Democrat taking a tough and unpopular stand in the midst of a tough election year.”
According to CNBC, the legislation will likely be put up for a vote before the midterm elections.