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Former White House chief of staff Rahm Emanuel is calling on Democrats to make a ban on stock trading across all three branches of government a top legislative priority.
Speaking on “Fox & Friends,” Wednesday, Emanuel urged his party to turn investigations into legislative action, arguing lawmakers must pass a sweeping ethics bill in 2027 that would prohibit officials in all three branches of government from buying and selling individual stocks.
“Pass a comprehensive ethics bill for all three branches,” Emanuel said, arguing that investigations alone are “not the change alone that the American people voted for.”
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Then-U.S. Ambassador to Japan Rahm Emanuel listens during a bilateral meeting between U.S. and Japanese officials at the Asia-Pacific Economic Cooperation (APEC) summit on Nov. 14, 2023, in San Francisco, Calif. (Kent Nishimura/Getty Images)
Emanuel, who has floated a 2028 presidential run, said the package should also prohibit officials from betting on prediction markets, ban stock trading, mandate blind trusts, impose term limits or a mandatory retirement age, and restrict foreign income during and after government service.
“The way I look at this election is pretty straightforward. It was a repudiation of President Trump, Project [20]25 and the Republicans. When you look at how deep and how broad this is, it’s very clear. But what the Democrats do in 2027 will determine whether we have won,” he said.
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“I am for following the money. Where did all this money go? Who got these contracts? But it has to lead to ethics and lobbying reform legislation,” Emanuel added.
Former U.S. Ambassador to Japan Rahm Emanuel speaks during a House Select Committee on the Chinese Communist Party hearing on July 23, 2025, in Washington, D.C. (Andrew Harnik/Getty Images)
Senate Democrats previously blocked a Republican-backed effort to address stock trading by lawmakers. The Stop Insider Trading Act passed the House in July, despite opposition from a majority of House Democrats. Democrats argued that the proposed restrictions on stock trading did not go far enough and objected to a photo voter ID provision included in the legislation.
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Emanuel argued that passing comprehensive ethics legislation could help Democrats maintain support from moderate Republicans who backed the party in the midterm elections.
Former Chicago Mayor and U.S. Ambassador to Japan Rahm Emanuel speaks at the Obama Presidential Center on Oct. 8, 2026, in Chicago, Ill. (Kamil Krzaczynski/AFP via Getty Images)
“There is time now for all of Washington to get a good house cleaning and scrubbing,” Emanuel said.
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When pressed on his political future and whether he would enter the 2028 Democratic presidential race, Emanuel predicted voters would see “31 flavors” of candidates and offered a playful description of his potential place in the field.
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“In 2028, my prediction is you’re going to have a Baskin-Robbins, 31 flavors. And if I decide to do this, I’m [going to] be Rocky Road,” he said, adding that he would “tell you the truth, whether you [want to] hear it or not.”