A Senate committee voted Wednesday to advance legislation that would ban members of Congress, the president and vice president from trading individual stocks, marking the furthest such a proposal has progressed despite growing partisan tensions over the measure.
The Senate Homeland Security and Governmental Affairs Committee passed the measure by an 8-7 margin, with Sen. Josh Hawley, R-Mo., joining all committee Democrats in supporting the legislation while drawing sharp criticism from fellow Republicans.
The legislation, dubbed the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, would bar members of Congress and their spouses from trading individual stocks while serving in office. Officials would have 180 days to divest existing holdings but could still invest in mutual funds, exchange-traded funds, and US Treasury bonds.
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Hawley reintroduced the bill in April after President Donald Trump said he would “absolutely” sign legislation banning congressional stock trading if it reached his desk. Hawley had previously introduced similar legislation in 2023 that failed to advance under the Biden administration.
Read: Hawley Reintroduces PELOSI Act to Ban Lawmakers from Trading Stocks
The measure is named after former House Speaker Nancy Pelosi, whose portfolio gained 54% in 2024 and 65% in 2023, while her husband’s trading drew scrutiny for particularly timely investments before key legislative actions.
Read: Nancy Pelosi’s Husband Makes Bank On Nvidia Trade As Senate Votes On CHIPS Act
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“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” Hawley said in a statement.
Pelosi, interestingly, issued a detailed statement of support shortly after, saying “the American people deserve confidence that their elected leaders are serving the public interest — not their personal portfolios.”
Trump’s reaction proved more complicated. During a press conference Wednesday, he said he liked the concept “conceptually” but later criticized Hawley on social media, calling him a “second-tier Senator” and questioning why he would support a bill “that Nancy Pelosi is in absolute love with.”
GOP committee members expressed frustration with Hawley, saying they were presented with multiple versions of the bill and had insufficient time to review the final language. “I have no idea what we’re voting for,” said Sen. Bernie Moreno, R-Ohio, a former co-sponsor who ultimately voted against the measure.
As mentioned, the bill would extend trading prohibitions to the president and vice president. Notably, though, that provision wouldn’t take effect until after Trump and Vice President JD Vance leave office.
Whether the Republican-controlled Senate will bring the measure to the floor for a full vote remains unclear. Hawley wrote on social media that the legislation should come to the Senate floor “NOW.”
Current ethics rules require lawmakers to disclose stock trades within 30 days and prohibit trading on non-public information, but critics argue the regulations don’t go far enough to prevent potential conflicts of interest.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
