Vulnerable Rep. Abigail Spanberger (D-VA) on Tuesday said lawmakers should “consider a different job” if allowing “a ban on individual stock trading by Members of Congress is a dealbreaker,” potentially calling out fellow vulnerable Democrat and member of the Virginia delegation, Rep. Elaine Luria, said the “concept” of banning lawmakers from trading stocks “bullshit” earlier this year.
Spanberger said on social media that members of Congres “must” pass legislation that would ultimately put stricter guidelines in place aimed at preventing privileged information — which members typically get when and having voting jurisdiction over different stock sectors — from being used for insider trading.
The congresswoman also noted that “If a ban on individual stock trading by Members of Congress is a dealbreaker for lawmakers, they should consider a different job.”
However, Spanberger’s statement comes just months after her fellow vulnerable Democrat and member of the Virginia delegation was slammed by a former staffer earlier this year for calling the “concept” of banning lawmakers from trading stocks “bullshit.”
In February, when Luria was asked what her thoughts were on House Speaker Nancy Pelosi (D-CA) backing legislation to ban stock trading among members, Luria said, “I think this whole concept is bullshit,” while noting that restricting Congress from trading stocks “makes no sense” and that members already have to follow the STOCK Act, which requires members to report stock trades over a certain amount.
Rep. Elaine Luria (D-VA), right, followed by Rep. Abigail Spanberger (D-VA), left, leave a House Democratic Caucus meeting with Speaker of the House Nancy Pelosi (D-CA), at the Capitol in Washington DC, Tuesday, September 24, 2019. (AP Photo/J. Scott Applewhite)
In fact, Punchbowl reported that an anonymous former adviser to Luria was “shocked” at her response and trashed the congresswoman’s political judgment as “tone-deaf” after saying a ban on congressional members trading stocks is “bullshit.”
The former adviser said, “Luria knows a lot about the Navy.” But, her political judgment is “Not particularly sound, as she made clear with these tone-deaf, goofy comments” about members being allowed to trade stocks.
“Now, this unforced error pours gasoline on an inferno. You can already hear the Virginia GOP laughing their way to a pickup seat,” the former advisor continued, noting that Luria’s military-heavy district is upset with inflation. In fact, on Thursday, it was reported that U.S. consumer prices rose by the most in nearly 40 years.
Breitbart News reached out to Spanberger’s office to find out if her tweet referred to Luria; however, her office did not respond.
In 2012, Congress quickly passed the STOCK Act and signed it into law after receiving substantial bipartisan support in both chambers. The legislation was introduced and promptly signed into law thanks to Breitbart News senior contributor Peter Schweizer, who in 2011 released Throw Them All Out, exposing corruption in the highest echelons of elected life.
Schweizer’s book, which exposed House Speaker Nancy Pelosi (D-CA) and many others, revealed corruption concerns among Republicans and Democrats on Capitol Hill, forcing Congress into adopting the STOCK Act that implemented stricter reporting and ethics requirements.
In recent months there has been a push to put harsher restrictions on members who “forgot” to report stock trades. There is also a push to ban members and family members from trading any individual stocks. The bill Spanberger referred to — TRUST in Congress Act — would “require Members of Congress and their spouses and dependent children to place certain assets into blind trusts, and for other purposes.”