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House Speaker Mike Johnson publicly endorsed legislation banning members of Congress from trading individual stocks, marking a pivotal moment in a bipartisan effort that has gained significant traction in recent months.
Speaking at a press conference on Wednesday, the Louisiana Republican said he supports the measure “because I don’t think we should have any appearance of impropriety here.” This is Johnson’s first time voicing support for a ban, an issue that has lingered for years and reignited public outrage after controversial trades by lawmakers in early 2020 prompted federal investigations.
Johnson’s endorsement is seen as a critical boost for advocates of the ban, who have struggled to pass legislation amid inconsistent support from congressional leadership. His position now aligns with House Minority Leader Hakeem Jeffries (D-N.Y.) and President Donald Trump, both of whom have previously voiced support for such a reform.
“We’ve had a surge of momentum on this issue,” said Rep. Seth Magaziner (D-R.I.), who co-sponsored a bipartisan proposal with Rep. Chip Roy (R-Texas) that would place lawmakers’ stock holdings — including those of their spouses and dependents — in blind trusts.
Magaziner is part of a bipartisan working group developing a unified bill to address member stock trading. Other members include Reps. Alexandria Ocasio-Cortez (D-N.Y.), Pramila Jayapal (D-Wash.), Joseph Morelle (D-N.Y.), Brian Fitzpatrick (R-Pa.), and Tim Burchett (R-Tenn.).
The group is reportedly “about 90 percent there” on a final bill, ironing out issues such as enforcement penalties and how to handle newly elected lawmakers with existing stock portfolios.
While momentum is growing in the House, the legislation’s fate in the Senate remains uncertain, with no clear consensus or timeline for a vote.
Some lawmakers remain reluctant to give up stock trading entirely, citing financial pressures. Johnson acknowledged those concerns, pointing out that congressional salaries have not increased since 2009 and are effectively down 31% when adjusted for inflation.
“The counterargument is, and I have some sympathy … is at least let them engage in some stock trading so that they can continue to take care of their family,” Johnson said. “But on balance, I think it’s been abused in the past, and sadly a few bad actors discolor it for everyone.”
Supporters of the ban argue that even the appearance of insider trading undermines public trust in government and that robust ethics reforms are necessary to restore accountability in Congress.
If passed, the legislation would mark one of the most sweeping ethics reforms in recent congressional history.
