Senate GOP advocates Dems to exclude Trump from equities prohibition
The proposed stock trading ban for lawmakers, presidents, and vice presidents has recently advanced through the Senate Homeland Security and Governmental Affairs Committee, led by Senator Josh Hawley. The bill, known as the PELOSI Act or Honest Act, has garnered bipartisan support but faces ongoing negotiation and resistance regarding its scope and specific provisions.
Senator Hawley's bill aims to ban members of Congress and their spouses from buying, selling, or holding individual stocks during their time in office. The bill also extends certain restrictions to the president and vice president, though future presidents and vice presidents would be required to divest completely. However, concerns have arisen among some Republicans, including Senator Bernie Moreno, who has expressed reservations about bans on owning stablecoins, which he likened to banning having cash in a bank account.
The bill's progress has caused divisions among Republicans, with some criticizing Democrats for altering the bill and others, like former President Donald Trump, weighing in critically. Trump has backed a trading ban for lawmakers but opposes elements of Hawley's bill that would restrict him and Vice President JD Vance, leading Hawley to offer amendments to exempt them.
Meanwhile, Democrats are focusing on a bill targeting congressional stock trading without extending it to the executive branch at this time. President Donald Trump took aim at Senator Josh Hawley after the Missourian joined with Democrats to advance the proposed stock ban.
In other news, the Agriculture Committee is facing a delayed vote on Trump's pick to chair the Commodity Futures Trading Commission due to the White House not giving the necessary go-ahead.
The House is also drafting its own bipartisan stock ban legislation, which will need to be reconciled with the Senate version if it advances. House Representative Seth Magaziner, who is leading negotiations on the House version of the stock ban legislation, said that the discussions have focused on congressional stock trading.
Senator Elizabeth Warren expressed hope that a Congress-only stock ban would not be necessary, but indicated she might vote for it if necessary. Senator Bernie Moreno has approached Senator Gary Peters to work together on a passable legislation.
According to Gallup, an average of 46% of US adults identified as Democrats or Democratic-leaning independents during the last quarter, compared with 43% who identified as Republicans or Republican-leaners. This shift in party affiliation might influence the outcome of the ongoing negotiations.
Finally, Senate Republicans are increasingly supportive of slashing debate time on nominees via the unilateral nuclear option. Senators are preparing to stay in Washington through the weekend to resolve confirmation issues for President Donald Trump's nominees.
[1] Senate Republicans pitched a proposal to amend a stock trading ban to exclude the current administration, as the legislation invoked President Donald Trump's ire. [2] Hawley said he hoped Democrats would be amenable to a stock ban that does not impact Trump, but did not predict whether they would. [3] Trump posted on Truth Social attacking the bill's author, Senator Josh Hawley, after the Missouri Republican helped expand the bill to apply to presidents and vice presidents. [4] According to Gallup, an average of 46% of US adults identified as Democrats or Democratic-leaning independents during the last quarter, compared with 43% who identified as Republicans or Republican-leaners. [5] The House is drafting its own bipartisan stock ban legislation, which will need to be reconciled with the Senate version if it advances. [6] Senate Republicans are increasingly supportive of slashing debate time on nominees via the unilateral nuclear option. [7] The White House reiterated support for a CFTC pick amid reports that cryptocurrency executives had lobbied against his confirmation. [8] President Donald Trump took aim at Senator Josh Hawley after the Missourian joined with Democrats to advance a proposed stock ban. [9] The possibility of Congress allowing President Donald Trump to make recess appointments to fill out his administration is quite low. [10] Senators are preparing to stay in Washington through the weekend to resolve confirmation issues for President Donald Trump's nominees. [11] House Representative Seth Magaziner, who is leading negotiations on the House version of the stock ban legislation, said that the discussions have focused on congressional stock trading. [12] Hawley's current legislation would also affect Trump and Vice President JD Vance, as they would be barred from buying and limited from selling, though only future presidents and vice presidents would have to divest. [13] Senator Elizabeth Warren expressed hope that a Congress-only stock ban would not be necessary, but indicated she might vote for it if necessary. [14] Democrats regained an advantage in party affiliation during the second quarter of this year. [15] The Agriculture Committee is facing a delayed vote on Trump's pick to chair the Commodity Futures Trading Commission due to the White House not giving the necessary go-ahead. [16] Senator Bernie Moreno, a cosponsor of the bill, said he approached Senator Gary Peters to work together on a passable legislation.
[1] In a recent attempt to appease President Donald Trump, Senate Republicans put forward a proposal to amend the stock trading ban to exclude the current administration.[2] Hawley, the bill's author, expressed hope that Democrats would be open to a stock ban not impacting Trump, but did not predict whether they would.
