Trump and Hawley held a cordial meeting following Trump's criticism of Hawley as being of secondary importance concerning a stock bill, with Hawley responding positively, stating 'full steam ahead' in their endeavors.
In a significant move towards transparency and ethical governance, legislation aimed at prohibiting members of Congress, including the President and Vice President, from trading individual stocks during their tenure has gained bipartisan support.
The bill, initially known as the PELOSI Act and later renamed the HONEST Act, was championed by Sen. Josh Hawley (R-MO). The Act seeks to close loopholes in previous laws like the STOCK Act, aiming to restore public trust by preventing insider trading or conflicts of interest among elected officials.
Rep. Alexandria Ocasio-Cortez (D-NY), Sen. Jon Ossoff (D-GA), and former congressman Matt Gaetz (R-FL) are among those who have supported the legislation. Despite opposition from fellow Republicans who argue that the restrictions could discourage wealthy and business-experienced individuals from running for office, the bill has advanced out of committee.
The HONEST Act prohibits members of Congress and their spouses from buying, selling, or holding individual stocks. It also includes provisions banning the President and Vice President from stock trading, though this ban would take effect only after the current president and vice president leave office. The bill allows investment in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds.
Opposition to the bill has come from various quarters, including concerns about the White House's legal stance on including the President and Vice President in the ban. However, Sen. Josh Hawley has denied receiving any direct pushback from the Trump administration.
Notably, Sen. Hawley's bill is a play on Nancy Pelosi and her husband's trading activities, a fact that has been a point of contention for many Democrats and Republicans. Pelosi endorsed the bill, which has long held bipartisan support.
In a twist, Sen. Hawley has also floated legislation that would send $600 tariff rebate checks to Americans, but not to "Biden voters." He has stated that the rich people, including Democrat donors, Wall Street, and hedge fund guys, don't need the tariff rebate checks.
The legislation to ban members of Congress from trading stocks has faced long stalls in the past, but the recent committee vote marks a significant step towards a full Senate vote. Sen. Hawley's re-election in 2024 means he will not be up for another six years, providing a stable platform for the bill's progression.
Despite Trump's initial support for a stock ban for members of Congress, he has recently posted on Truth Social attacking Sen. Hawley for his legislation banning stock trading among lawmakers. The legislation floated by Sen. Hawley would only provide checks to "Trump blue-collar voters."
In a meeting with President Donald Trump after Trump called him a "second-tier" senator, Sen. Hawley led efforts to object to the 2020 presidential election results, but has occasionally been on the opposing side of Trump's policies.
The passage of the HONEST Act through the committee is a significant milestone in the fight against insider trading and conflicts of interest among elected officials. As the bill moves towards a full Senate vote, it remains to be seen how the debate will unfold and whether the bill will become law.
- The HONEST Act, sponsored by Sen. Josh Hawley, targets policy-and-legislation reform within finance by prohibiting members of Congress, including the President and Vice President, from trading individual stocks during their tenure.
- As the HONEST Act advances through the Senate, political debates persist over the bill's implications for finance and general-news, with some arguing that the restrictions could impact the influx of wealthy and experienced individuals into politics.
