Ron DeSantis backs Anna Paulina Luna’s trading ban, requirements for Florida candidates to disclose stock intentions

Gov. Ron DeSantis supports a congressional stock trading ban championed by U.S. Rep. Anna Paulina Luna. But even if Congress won’t implement such restrictions, he wants Florida to require federal candidates to disclose any plans to pursue riches on the job.

At a Pinellas County press conference, DeSantis, a former Congressman, urged every member of Florida’s congressional delegation to support a trading ban. The Republican leader said he personally swore off any trading when he first won election to the U.S. House in 2012.

“I’m poorer for it,” he said. “But you know what? You only live once, and I’d rather do what’s right, and let the chips fall where they may.”

DeSantis said many accelerate their investments once they near the levers of power.

“You’ll have people get elected to Congress having never shown any investment acumen ever in their life, and then all of a sudden, they become Warren Buffett on steroids,” DeSantis said.

While Florida state government can’t impose restrictions, even on its own federal Senators and Congressmen, DeSantis said the Legislature can place requirements on candidates to qualify for the ballot. He wants the Legislature this year to pass a requirement that any candidate for federal office disclose if they intend to trade while holding office.

“When they qualify for federal office, there’s going to be a check box, ‘Do you intend to trade individual stocks while you’re in Congress? Yes or no,’” DeSantis said.

“So you as a voter will know what they said. And if they say no, well, when they run for re-election, they have to answer a second question. ‘Did you, in fact, trade any stocks individually while you were in Congress?’ And if they say yes, then that means they broke their word to you and honestly lied on those forms.”

Of note, DeSantis said he does not believe that state lawmakers, who work part time, should face the same requirement or restrictions on trading, as they don’t handle policy that influences the stock market the same way.

Luna has a discharge petition circulating to force a vote on any trading by sitting members of Congress. She appeared alongside DeSantis in her district and welcomed his support.

“Members that do engage in stock trading on both sides are getting 600% returns and outperforming the S&P, so how could you ever expect members of Congress to truly work for the American people?” Luna said.

Lt. Gov. Jay Collins also appeared and cheered DeSantis and Luna on the policy proposals.

“It’s a simple way to hold people accountable and give power back to our people,” he said.

Both DeSantis and Luna pointed to a popular Republican target, former Democratic House Speaker Nancy Pelosi, whose net worth grew to beyond $278 million over her 39 years in Congress, according to Quiver Qualitative. But they both stressed that this isn’t an issue impacting just one side of the political aisle.

“I know Republicans always talk about Pelosi, and I do too a lot, because honestly, it’s, it’s a good example to use for a variety of things,” DeSantis said.

“But let’s just understand this is a bipartisan ailment. This is not just Democrats. And I think it’s important that as a Republican, you’re willing to stand up and say, ‘You know what, we need to clean both houses up.’”

Luna said support for her discharge petition also comes from both sides. Of the 74 signatures already on her discharge petition, supporters include Democratic U.S. Reps. Maxwell Frost of Orlando, Jared Moskowitz of Parkland, Darren Soto of Kissimmee and Frederica Wilson of Miami, along with Republican U.S. Reps. Cory Mills of New Smyrna Beach and Greg Steube of Sarasota.

“It is the most bipartisan bill currently in Congress. We have people that you would never expect, probably people that you don’t politically align with, that are actually supporting these efforts because they know it’s bad and it needs to end,” she said.

If Luna can get 218 signatures on her petition, a full trading ban will go to a floor vote even though it isn’t supported by Republican or Democratic leadership. But Luna also expressed optimism that Speaker Mike Johnson would allow some form of a trading ban even without having his hand forced.

“I’m happy to report, Governor, that we actually have met with the Speaker of the House and that we are going to be putting something on the floor coming up this quarter that will permanently stop the insider trading, which it is happening in Washington, D.C.,” she said.

Johnson has supported an alternative ban that would restrict personal trading of individual stock by lawmakers while still allowing them to own portfolios controlled by third parties.