Gov. DeSantis, Rep. Anna Paulina Luna push to set term limits, end insider trading among Congress

DeSantis, Luna push congressional stock trading ban

Florida Governor Ron DeSantis and Rep. Anna Paulina Luna advocated for term limits and the prohibition of insider trading among members of Congress during a press conference in Clearwater on Tuesday. FOX 13's Evan Axelbank reports. 

CLEARWATER, Fla. - Florida Governor Ron DeSantis and Rep. Anna Paulina Luna advocated for term limits and the prohibition of insider trading among members of Congress during a press conference in Clearwater on Tuesday.

What they're saying:

"It’s basically a different form of insider trading," DeSantis said. "There’s certain insider trading on Wall Street and that does apply to Congress, but they’re privy to different types that’s not really contemplated under existing laws."

The governor stressed that he has never done a stock trade while he’s been in office, and he is leading the charge at the state level.

"What we’re going to do, and we are allowed to do this," DeSantis explained. "When they qualify for federal office, there’s going to be a checkbox. Do you intend to trade individual stocks while you are in Congress — yes or no? So, you as a voter, will know what they said and if they said no, when they run for re-election they will have to answer a second question — did you, in fact, trade any individual stocks while you were in Congress and if they say yes, then that means they broke their word to you and lied on those forms."

Gov. DeSantis, Anna Paulina Luna press conference

Florida Governor Ron DeSantis and Rep. Anna Paulina Luna push to set term limits and end insider trading for members of Congress. 

The other side:

Rep Kathy Castor released the following statement on banning stock trading in Congress after the news conference on Tuesday:

"Americans deserve confidence that their elected leaders are working in the public interest, and not in their personal financial interest. I support a ban on stock trading by members of Congress and full transparency.

I’ve championed legislation to deter government officials from profiting off their positions and to restore public trust. However, after watching some of my Republican colleagues in Congress and administration officials benefit from President Trump’s brazen market manipulation and arbitrary tariffs, it’s time to go a step further and ban stock trading by members of Congress and the executive branch.

I am committed to working with colleagues across the aisle to ensure that whatever bill emerges is enforceable, fair and sends a clear message that we are here to serve the American people, not stock portfolios."

Congressional term-limits

Dig deeper:

In addition to throwing his support behind Luna’s bill to end Congressional insider trading, DeSantis also said he is leading the effort around the country for the states to certify a constitutional amendment for term limits for members of Congress.

He added that 12 states, including Florida, were on board.

"I think people will say they want term limits, but Congress will never do it," DeSantis explained. "Well, you don’t really need Congress to do it if the states do it."

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DeSantis said he wants term limits because he doesn’t believe that Congress uses its authority, because the path of least resistance is autopilot.

"You go the limited period of time. Get things done and leave a legacy," DeSantis said. "I think it works better in our legislature. Quite frankly, you know to have it."

He noted that it is not perfect, but he believes it is better than what we have now.

He added that Florida voters voted for term limits for Congress in the early 90s.

"Our Congress would have been term-limited, our senators would have been term-limited. The U.S. Supreme Court in a case called Thornton, five to four, said that was not allowed," DeSantis explained.

Balancing the Budget

During the press conference on Tuesday, DeSantis also said that he also wants to require Congress to balance the budget, like the state of Florida does.

"A balanced budget requirement — We have 28 states. We need 34 to trigger it. We’ve got 28 and we think we’re going to get a few more in order to do that.

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28th Amendment proposal

DeSantis said he also worked with the legislature in order to certify another amendment that doesn’t have as much support nationally.

"We’ve proposed a 28th amendment that would simply say this: "Congress shall make no law respecting the citizens of the United States that does not also apply to the members of Congress themselves. I mean, wouldn’t that one be a good one to do?" DeSantis asked.