Political reconciliation between Trump and Hawley, but lingering GOP discord over stock trade prohibition persists
The Honest Act, a bill aimed at banning members of Congress and their spouses, as well as future presidents and vice presidents, from trading stocks while in office, has progressed through the Senate Homeland Security and Government Affairs Committee.
The bill, originally named after former House Speaker Nancy Pelosi, has stirred controversy among Senate Republicans and President Donald Trump. Sen. Rand Paul, R-Ky., has publicly stated his intention to vote against 'The Pelosi Act' on 'Varney & Co.'
The bill's chief sponsor, Sen. Josh Hawley, noted that during a call with Trump, the president made clear "he thinks we should do a stock trade ban." However, the provision for future presidents and vice presidents has been met with criticism from Trump, who has referred to Hawley as a “second-tier senator” and accused him of playing into Democrats' hands.
Despite Trump's criticism, White House Press Secretary Karoline Leavitt reiterated that the president supports the concept of a stock trading ban for members of Congress. However, she did not clarify his position on the future presidents' provision.
The bill, now known as the Honest Act, would ban lawmakers and their spouses from purchasing, selling, or holding individual stocks for the duration of the lawmaker's time in office. It specifically exempts President Trump from having to sell Mar-a-Lago and divest all of his assets.
Sen. Rick Scott voted against the bill, expressing concern that it specifically targeted President Trump and did not include a review of Pelosi's trades. Sen. Bernie Moreno, who co-sponsored Hawley's original bill, noted that the latest version included a ban on owning stable coins, which he considered akin to having a bank deposit in cash.
Republicans have argued that the bill came out at the last minute and includes provisions they were unaware of. They claim that Democrats sabotaged the bill, a claim that was met with surprise by Sen. Gary Peters, the top ranking Democrat on the committee.
Despite the political tension, the bill enjoys bipartisan committee-level support and is now set to proceed to the Senate floor. The future of the bill remains uncertain, with Senate Republicans divided on the issue and President Trump's stance on the provision for future presidents and vice presidents unclear.
- The Honest Act, a bill aimed at banning lawmakers and their spouses from trading stocks, has moved forward in the Senate, sparking debates between Democrats and Republicans, including President Donald Trump.
- Sen. Josh Hawley, the bill's chief sponsor, shared that President Trump voiced his support for a stock trade ban, yet remains critical of the provision regarding future presidents and vice presidents.
- The bipartisan bill, now known as the Honest Act, contains provisions that have raised concerns among some Republicans, such as a ban on purchasing, selling, or holding individual stocks and a prohibition on owning stable coins.
- The future of The Honest Act remains uncertain, as Senate Republicans are divided on the issue and President Trump's stance on the provision for future presidents and vice presidents remains unclear, despite White House Press Secretary Karoline Leavitt's reiteration of the president's support for the bill's concept.
