A discharge petition championed by Rep. Tim Burchett (R-Tenn.) to force a House vote on banning congressional stock trading has gained only 16 signatures in its first four days, far short of the 218 needed to bypass committee.
Rep. Anna Paulina Luna (R-Fla.) filed the petition Dec. 2 to advance legislation that would prohibit members of Congress, their spouses and dependent children from owning or trading individual stocks. Burchett signed the petition the same day, becoming the only Tennessee congressman to support the effort to date.
The legislation would require current lawmakers to divest within 180 days and incoming members within 90 days. Diversified mutual funds and similar non-individual holdings would remain permitted.
As of Dec. 7, 10 Republicans and six Democrats have signed the petition. The slow pace raises questions about whether the measure can gain momentum in Congress where stock trading restrictions have repeatedly failed despite public support.
Burchett expressed pessimism about the bill’s prospects during an appearance on WABC 770 AM’s “Cats Roundtable.”
“We’re not going to pass anything,” Burchett said. “Or if we do pass it, the Senate will either — it’ll go and fall into a great abyss over there, they will never bring it up or they’ll pass something a lot stronger, or something that we won’t agree to, and then both sides will go home and say, ‘Oh, we tried.’ And they’ll move onto another bright, shiny object.”
Other signatories include Reps. Elise Stefanik (R-N.Y.), Brian Fitzpatrick (R-Pa.), Nancy Mace (R-S.C.), Lauren Boebert (R-Colo.), Greg Landsman (D-Ohio), Josh Gottheimer (D-N.J.) and Jared Moskowitz (D-Fla.).
Luna’s resolution was referred to the House Rules Committee on Sept. 16. Discharge petitions allow a majority of House members to force a vote on legislation stalled in committee, but they rarely succeed.
