How One Law Could Finally Force Both Parties to Stop Insider Trading for Good | Anna Paulina Luna

Summary

The Rubin Report

Episode: How One Law Could Finally Force Both Parties to Stop Insider Trading for Good
Guest: Congresswoman Anna Paulina Luna
Date: December 23, 2025

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Overview

In this episode, Dave Rubin sits down with Congresswoman Anna Paulina Luna to discuss her efforts to pass legislation banning insider trading among members of Congress, their families, and close associates. The conversation delves into the widespread bipartisan support among the American public for such a ban, the political resistance from within both parties, the specific mechanics of the legislation, and broader issues facing Florida and the nation. Luna also touches on issues like pharmaceutical pricing, federal versus state power, and future challenges and priorities for Republicans leading into the next election cycle.

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Key Discussion Points & Insights

Exposing Congressional Insider Trading

• Public Outrage & Numbers

  • Luna emphasizes the overwhelming public disdain for Congressional insider trading:
    "Over 87% or 86% of Americans, regardless of party affiliation, want this practice to end and they support what we're doing." (01:30)
  • High returns for some members draw skepticism:
    "With Nancy Pelosi, I think the return was 17,000% from the time that she left office." (01:33, repeated for emphasis at 04:28) "You’re seeing those 600% returns almost guaranteed. They're outperforming the S&P." (01:45)
  • Members' family members being unusually successful at trading is spotlighted as evidence for ongoing unethical practices.

• Political Gamesmanship

  • Luna underscores the gap between campaign promises and Congressional reality:
    "A lot of people will come up here, they'll say what they need to say to get elected, but then they understand that there's never really going to be a vote...it'll pretty much be an easy job where they're not really called out for what they're doing." (02:49)
  • She describes bipartisan reluctance within Congress:
    "You have bipartisan support with the American people overwhelmingly, but there's massive bipartisan opposition from within." (05:22)
  • Pressure tactics and scare language are used against reformers:
    "We've been told...that if we were forcing the vote...we were going to cost the party and Congress the midterms, that we were going to destroy democracy. I kid you not, that is what we were told." (05:38)

• The Bipartisan Approach

  • Luna called up a bipartisan bill with over 100 co-sponsors, showing she was less interested in credit and more interested in traction:
    "I don't really care if I get the credit for this or not. But what I do think is you need as many people on your side on this issue because of the fact that we're fighting our own parties on both sides." (05:14)

The Mechanics and Limits of Legislative Fixes

• How the Proposed Law Works

  • Luna clarifies the scope:
    "What this legislation...would prohibit members of Congress, their spouses and their direct dependent children from trading." (08:33)
  • Dave Rubin brings up the common skepticism that politicians will find workarounds:
    "They'll always figure out a way around it...there's sort of no way to actually control the beast." (08:02)
  • Luna responds practically: violations by extended family remain illegal, but her focus is cutting off the most direct and egregious conflicts for lawmakers themselves (08:35).

• Systemic Corruption & Policy Impact

  • The show connects insider trading to broader policy failures, like inflated drug prices:
    "A majority of members of Congress, I think it's one in three are exposed to pharmaceuticals...If you were to cap that, the stock would drop and then thus it would impact their personal wallets. Like how could you ever be expected to represent your people if you're doing that?" (06:38)

Turning to State-Level Governance: Florida

• Ongoing Florida Policy Debates

  • Rubin and Luna discuss property taxes, insurance premiums, and the outsized influence of lobbies in Tallahassee (09:26–10:10).

  • Luna:
    "I really want them to get away or get rid of the property taxes." (09:26)

    • Hopes Governor DeSantis can deliver meaningful reform before his term ends (09:37).

  • She describes pressures from the insurance lobby and the difficulties of passing meaningful reforms at the state legislature.

• 'Fed-Proofing' and State Autonomy

  • Luna argues for policies that protect states like Florida from federal changes she sees as threatening liberty, especially involving digital currencies and public health mandates:
    "We want to get legislation on this next appropriations...to ensure that central backed digital currencies are illegal and can't happen." (10:37)

  • She sees this as an example of "fed-proofing" Florida, especially if different political forces control the federal government in years to come.

  • There’s praise for healthy food and product standards, noting that even states like New York and California have set higher benchmarks.

Challenges for the Republican Party Ahead

• Priorities Before the Next Election
  • Luna's legislative 'to-do' list for Republicans:
    "If we ban insider trading, if we codify the executive order to cap prescription pricing, and if we focus on affordability, we'll be okay. But that would require codifying." (13:23)
  • She calls for bolder leadership in Congressional negotiations (13:35).
  • Memorable closing comment:
    "If we don't get our legislation, just blow it up. So maybe some more of that." (13:53)

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Notable Quotes & Memorable Moments

• On Political Hypocrisy:
  "By the way, last time we checked, our founding fathers didn't have massive stock portfolios." – Anna Paulina Luna (05:57)
• On Real Representation:
  "How could you ever be expected to represent your people if you’re doing that?" – Anna Paulina Luna (06:50)
• On Bipartisan Resistance:
  "You have bipartisan support with the American people...but there’s massive bipartisan opposition from within." – Anna Paulina Luna (05:22)
• On Legislative Frustration:
  "A lot of people will come up here, they'll say what they need to say to get elected, but then they understand that there's never really going to be a vote." – Anna Paulina Luna (02:49)
• On Taking Risks:
  "This has definitely made me probably the most wildly unpopular member on the Hill, but very popular among the American people, is what I'm saying." – Anna Paulina Luna (09:11)

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Timestamps for Key Segments

• [01:30] – Stats on American opinion of insider trading, Pelosi’s stock returns
• [02:45] – Luna’s background and focus on anti-corruption, government insider trading explained
• [05:09] – Bipartisan support from public, resistance inside Congress
• [08:33] – Mechanics of the proposed insider trading ban, who it really restricts
• [09:26] – Florida-specific issues: property tax, insurance, and legislative obstacles
• [10:37] – ‘Fed-proofing’ Florida: digital currency and sovereignty
• [13:23] – Luna’s legislative prescription for Republicans ahead of the elections

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Tone & Style

The conversation is frank, occasionally combative, yet rooted in data and legislative process. Luna’s delivery is both passionate and pragmatic, focusing on outcomes over partisanship, while Rubin's questioning remains pointed but accessible, keeping the conversation relatable and broad-reaching.

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This summary captures the central themes, arguments, and noteworthy statements from the episode, preserving the actual tone and perspectives of the speakers.

Transcript

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[A]

Over 87% or 86% of Americans, regardless of party affiliation, want this practice to end and they support what we're doing. I can say that with Nancy Pelosi. I think the return was 17,000% from the time that I'm serious that she left office. And on average, members. I'm not saying that all the ones that are stock trading are doing it illegally, but a majority are. You're seeing those 600% returns almost guaranteed. They're outperforming the S and P. Or you have instances where you know, you have a member of Congress who might not technically be trading, but then all of a sudden you Know Susan from wherever, who was a stay at home mom for 20 years, is now like the most prolific stock trader that you've ever met and is outperforming Wall Street.

[B]

All right, Congresswoman Anna Paulina Luna. Somehow this is the first time we've met. We had to come to D.C. for two Floridians to meet. How you dealing with this weather? Well, you're, you're jacketed up, so I.

[A]

Guess I know I wear coats till May. Don't go outside much.

[B]

You have become, I would say, one of the most outspoken people in all of Congress right now. Like, every time I open up Twitter, you're doing something with a camera right in front of your face, saying all sorts of stuff. What is like your main focus at the moment?

[A]

I'd have to say that. So the best piece of advice ever got was actually when I first ran for office. It was from Jim Jordan, and it was if you follow through on your promises on the campaign trail, being in office is not that hard. So I'm simply following through on my promises to my constituents. I ran on ending government corruption. I also had up one of the task force to kind of look into the declassified files that Trump's been releasing. But specifically to what I'm trying to do right now, we have a massive problem in this country with insider trading. And for almost a decade, members of Congress had been talking about it. And by the time I got elected my second term, I realized how it goes up here. So a lot of people will come up here, they'll say what they need to say to get elected, but then they understand that there's never going to really be a vote. They're never really going to push the issue. And if they fall in line, they'll get their legislation put on the floor, they'll get their invitations different to different events, and then it'll pretty much be an easy job where they're not really called out for what they're doing. So one of the biggest things that we're doing right now is if you really want to talk about the crux of the issue of affordability, affordability in this country, you could even talk about foreign policy and how it's been impacted by people's stock portfolios. It all ties to the fact that members of Congress are still allowed to individually trade stock. And not just that, but majority of members on both sides are engaging in insider trading. And anyone who's telling you otherwise is lying to you. And so we're forcing the vote on that or we're Trying to, at least.

[B]

So when people see Nancy Pelosi's, you know, there's the Nancy Pelosi stock trader or even Marjorie Taylor Greene, who I think came in with around $750,000, is going to leave with about 30 million. Now, I know some of it's from her husband's construction or some of these things, but you just start seeing these crazy numbers all over the place. How is this not just like the easiest win ever in general? Because everyone, I think, ideologically is on board. Man, something doesn't seem right here.

[A]

Yeah, over 87% or 86% of Americans, regardless of party affiliation, want this practice to end and they support what we're doing. I can say that with Nancy Pelosi, I think the return was 17,000% from the time that. I'm serious. That she left office. And on average, members, I'm not saying that all the ones that are stock trading are doing it illegally, but a majority are. You're seeing those 600% returns almost guaranteed they're outperforming the S and P. Or you have instances where, you know, you have a member of Congress who might not technically be trading, but then all of a sudden, you know, Susan from wherever, who was a stay at home mom for 20 years, is now like the most prolific stock trader that you've ever met and is outperforming Wall Street. And so what you're finding is that.

[B]

This guy's really looking pretty, pretty crappy right now.

[A]

Exactly. So, you know, you have instances like that Marjorie actually ended up signing our discharge petition. Nancy Pelosi has not. And so it's interesting because, you know, I heard, I did hear some of the Democrats are signing on again. We have, I think, the number 67, and we need 218 votes to force this. But I did something that I think a lot of people didn't expect. So I actually called up a bipartisan consensus bill that had been worked on by both Democrats and Republicans that had 100 co sponsors. And the reason I did that is because, A, I don't really care if I get the credit for this or not. But what I do think is you need as many people on your side on this issue because of the fact that we're fighting our own parties on both sides. So you have bipartisan support with the American people overwhelmingly, but there's massive bipartisan opposition from within. And so, you know, we've been told, both myself and Tim Burchett, that if we were forcing the vote, that we were going to force our colleagues to take a bad vote, that we are going to cost the party and Congress the midterms, that we were going to destroy democracy. I kid you not, that is what we were told. But then, you know, we responded in saying, well, last time we checked, our founding fathers didn't have massive stock portfolios. And by the way, it's still legal, right? So, you know, this has been one of the things that I think that if you actually want to tackle these issues, like we can talk about, here's an example. Capping prescription prices, right? A majority of members of Congress, I think it's one in three are exposed to pharmaceuticals. Blackrocker, Vanguard. But the pharmaceutical lobby specifically, in addition to the fact that members of Congress are directly profiting off of what's happening with the American people getting gouged. If you were to cap that, the stock would drop and then thus it would impact their personal wallets. Like how could you ever be expected to represent your people if you're doing that?

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[A]

Well, what this legislation, specifically the one that we called up on the discharge, would prohibit members of Congress, their spouses and their direct dependent children from trading. If your brother happens to find out information and starts trading, that's on him, that's still illegal. Most people go to jail for that. Right. The incentive trading information. But specifically it would prohibit members of Congress from doing it. And I think that that's the biggest thing because you actually have people that are on committees of jurisdiction for this legislation or for, for example, if you're on House Armed Services and you have a massive defense portfolio, you know, who's getting what contracts, et cetera. And you're seeing that take place in real time. And so this has definitely made me probably the most wildly unpopular member on the Hill, but very popular among the American people, is what I'm saying.

[B]

Right.

[A]

Yeah.

[B]

Let's talk about Florida for a little bit. We're, we're doing pretty damn well, and I'm very happy about it. What, what, what, what else do we need to do in Florida to keep this trajectory going?

[A]

So this is just strictly a Florida thing. You'll understand this. But I really want them to get away or get rid of the property taxes.

[C]

Yeah.

[B]

So can you think desantis can pull this off? Is this going to be his kind of final gift to the state?

[A]

I hope so. And I think that if he really rallies the, the chambers in the Florida legislature, that might happen.

[B]

What is going on with the Florida legislature that it is so squishy and not seemingly not on board, some of this stuff.

[A]

There's some good members from Pinellas County. I can't speak to the rest of them. There's some good ones from Pinellas County. I think it's that people. And there's a massive lobby in Tallahassee. So, like you were around during hurricane season, we are getting raked over the coals with health insurance, with home insurance. That's something that has to be done at the legislature. And there's a lot of money that goes into Tallahassee, you know, reelection campaigns. And that's unfortunate. A lot of people are suffering as a result of that. You probably know, being a Florida homeowner. But I would, I would hope that DeSantis can get that done before he leaves because that would be a huge deal.

[B]

Yeah. What else do we have to keep doing there? I mean we're doing so much right it seems. But you know, look, he's not going to be governor forever. We'll see what happens after. I mean, what else do you see as some of the issues in Florida?

[A]

I think that right now it's really important to. And this is something that Governor, sorry, Representative Donalds has talked about but fed proofing Florida. So I'll give you an example right now. DeSantis has been really big on, you know, making sure that Florida stays a free state. We saw this during COVID The one thing that concerns me and I've talked to the speaker about this and this does tie to Florida is that, you know, we want to get legislation on this next appropriations that we're sending up to the Senate to ensure that central backed digital currencies are illegal and can't happen. And Elizabeth Warren, we had put it in the National Defense Authorization act and the Elizabeth Warren had it stripped out. She's like, I'll only accept a ban on CBDCs for five years. It's like, well Elizabeth, that's not up to you. You know, other members of Congress and in the Senate think that that's pretty unconstitutional. By the way, if you're progressive, you could get your shit stuff shut off too if someone doesn't like what you're saying. So this affects everyone. And so I think, you know, having the ability to fed proof Florida in a sense that you want to ensure that the laws in Florida are in place and such that even if the federal government passes something crazy that we're still okay. I think that the vaccine issue is a huge deal for a lot of parents in Florida. I love what they did with, I think it was fluoride where they removed it. And I think that, you know, focusing really on the food product and then the products that we're selling in our stores and groceries, I will say New York and California have actually done a good job with this and the fact that they're not allowing toxic laundry detergents, a lot of the food requirements for what's considered healthy and normal and what's sold in supermarkets are a lot higher. And I think that we need to do that too because they're, they're really poisoning our food supply. And by they mean a lot of these big manufacturers are coming in. What's cheaper is what they're going to do. Even Though it's not better for the people and it's making people sick long term. So HHS is only around for a couple more years until Secretary Kennedy's gone. And so we have to continue that.

[B]

Right. It's crazy because it's like, man, they could just, they could just reverse it once Bobby's gone. It's like if the Democrats come in.

[A]

Next thing you know, especially because we're not codifying. And so if we don't codify what he's doing, there's not going to be a lot of people that are going to want to codify him, reversing some of, like the vaccine requirements, for example, on, you know, Happy and whatever else he's discussing. So that's a huge problem. And so that's why, you know, as far as states go and are concerned, Florida is one of the best states and I think leading the country, sorry, Texas.

[B]

So I know we could spend all day long talking about how crazy the Democrats have gone, but in our limited time remaining, what do you want to see the Republicans do over the next, say, 10 months as we roll into the midterm so that it doesn't become the bloodbath that, you know, most people are hoping for? Well, well, I'm sorry, I know we're not hoping for it, but, but a lot of people obviously are predicting it. Trump last time around. You know, midterms never go well for the incumbent, etcetera, etcetera.

[A]

I think if we, if we ban insider trading, if we codify the executive order to cap prescription pricing, and if we focus on affordability, we'll be okay. But that would require codifying. And so I think that the speaker, who I have a great relationship with, but I think that he needs to get very aggressive with Thune in these negotiations. And I think that right now, members of Congress need to back him on that because if he's considered weak, he can't go to the Senate and negotiate. But I'm also too the type of person that says, well, if we don't get our legislation, just blow it up. So maybe some more of that.

[B]

Let's do this in Florida next time.

[A]

Of course. Thank you.

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