"Trump and GOP criticize bill proposing the prohibition of stock trading by Republican leaders"
In a significant step towards ethics reform, the Senate Homeland Security and Governmental Affairs Committee has approved a bill aimed at banning members of Congress, the President, the Vice President, and their families from trading individual stocks while in office. The bill, known as the Preventing Elected Leaders from Owning Securities and Investments Act (PELOSI Act), received bipartisan support, with Sen. Josh Hawley (R-MO) leading the charge [2][3][4].
However, the bill's progress is uncertain due to GOP resistance. Key Republican figures, including Committee Chair Rand Paul, have voiced opposition, citing concerns that the ban could dissuade qualified candidates and pose hurdles for presidents, including former President Donald Trump, to serve [1][3].
Sen. Hawley argued that President Trump supported his measure and was open to making changes at the committee level to the bill [1]. Yet, recent reports suggest some White House lawyers pushed back on including the president and vice president under the ban during committee negotiations [1]. Despite this, Hawley denied direct pushback from Trump himself, stating he heard no objection from the former president on the final bill version that passed the committee [2].
The bill includes a provision to ban the next president and vice president from holding or trading stocks while in office, effectively excluding President Donald Trump and Vice President JD Vance from the ban [4]. It also requires lawmakers to annually check in with either the House or Senate ethics committees to ensure compliance [4].
If passed, the bill would mark a significant shift in the way lawmakers manage their financial affairs. It would ban lawmakers and their spouses from purchasing, selling, or holding individual stocks for the duration of their time in office [4]. The Government Accountability Office would conduct a compliance audit every two years [4].
Sen. James Lankford, who is also the chair of the Senate Ethics Committee, noted that as such, it's up to him to actually enforce the ban [3]. He expressed support for the principle but raised concerns about the details that need to be fully thought through before it's ready for implementation [3].
The bill's sponsor, Sen. Josh Hawley, is a Republican from Missouri. He has been a vocal advocate for lawmakers not buying and selling stocks, citing the need for transparency and avoiding potential conflicts of interest [3].
Former House Speaker Nancy Pelosi endorsed Hawley's bill shortly after it advanced in committee [3]. Sen. Rand Paul, the Senate Homeland Security and Governmental Affairs Chair, expressed concerns about the bill, calling it "poorly written" [3].
The Senate's attempt to ban lawmakers from trading stocks passed through its first hurdle in the Senate Homeland Security and Governmental Accountability Committee. However, given GOP control of the Senate and divided Republican support, the bill’s full Senate passage is still uncertain and considered an uphill battle [3][5].
This situation reflects ongoing tension in Congress over ethics reform and stock trading bans amid shifting political calculations by Republicans and former President Trump. The bill's future remains uncertain, but the debate around it underscores the need for greater transparency and ethical standards in government.
- The Preventing Elected Leaders from Owning Securities and Investments Act (PELOSI Act) aims to ban members of Congress, including Senators, the President, the Vice President, and their families from trading individual stocks while in office.
- The PELOSI Act, if passed, would prohibit lawmakers and their spouses from purchasing, selling, or holding individual stocks for the duration of their time in office.
- The bill requires annual checks to ensure compliance and mandates a compliance audit every two years by the Government Accountability Office.
- Given GOP control of the Senate and divided Republican support, the bill’s full Senate passage is still uncertain and considered an uphill battle, despite receiving bipartisan support in committee.
