Rep. Mike Levin (D-CA) joined "Forbes Newsroom" to discuss legislation to ban Congressional stock trading.
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00:00I've spoken with Congressman Tim Burchett, who is a huge proponent of banning stock trading within Congress.
00:06So there is bipartisan appetite. And this is what he told me in March.
00:09Quote, I've been told to quit talking about stuff like this by some of our leadership.
00:13And I said, well, you know, it's the truth, though, right?
00:16And they said, well, yeah, but some members of leadership aren't real happy about when I talk about things like this.
00:22So I don't think it'll go anywhere.
00:24Why do you think members of leadership and you're calling out Speaker Mike Johnson by name?
00:27Why do you think that they don't have this type of appetite?
00:32You know, I think that there are a lot of people in Washington, D.C. who do very well with things just as they are.
00:37That's why it's very tough to change things like a stock trading scheme where, you know, you're able to report 30 days later.
00:46It's very weak in terms of what you actually have to report.
00:49And a lot of members, I think we know, have used non-public information in a way to enrich themselves.
00:58I think that's, you know, part of the record now for a number of years.
01:01I look at it also in terms of things like campaign finance reform.
01:04Why is it so hard to reform a broken campaign finance system?
01:08It's because members of Congress are doing just fine the way things are.
01:12But I think that the public will demand large changes, particularly if they see that there were members of Congress who used that non-public information to enrich themselves.
01:24I see it as corruption.
01:26I see it as something that has to be exposed.
01:30And ultimately, I think sunlight will hopefully be the best antiseptic.
01:34There are a couple of big differences.
01:35One is that the leader of House Democrats now, Hakeem Jeffries, has come out in support of a ban.
01:42And the other is that President Trump has said he would sign a ban into law.
01:47So I think if the vote did come up, I think it would pass, both the House and the Senate.
01:51And I hope that Mike Johnson will understand the importance of this and will proceed.