Trump stirs up controversy over the stock market ban debate, as the House attempts to negotiate a solution
The Senate is currently debating a bill that aims to ban all members of Congress, including President Donald Trump and Vice President JD Vance, from trading stocks while in office. The Honest Act, which also prohibits the president and vice president from such trades, has passed a key Senate committee but has not yet been enacted into law.
The bill, sponsored by Senator Josh Hawley, has garnered bipartisan support, with Democrats and Senator Hawley voting in favour, and Republican Sen. Josh Hawley voting in favour despite initial criticism. However, other Republican committee members have voted against it, leading to some controversy and claims of last-minute changes being made without their knowledge.
The bill has faced criticism from Republicans for provisions such as banning ownership of stablecoins, which some see as overly broad. Despite this, President Trump has expressed support for a stock trading ban, following his initial criticism.
The House is also working on its version of the stock ban bill, with Representative Seth Magaziner leading negotiations. The focus of the House's bill is expected to be on congressional stock trading, rather than presidential and vice-presidential trades.
The bill, if passed, would bar President Trump and Vice President JD Vance from buying stocks and would limit them from selling. Senator Bernie Moreno, who voted against the bill, has indicated his intention to re-engage and work on it again.
Senate Republicans are increasingly supportive of slashing debate time on nominees via the unilateral nuclear option, but the possibility of Congress allowing President Donald Trump to make recess appointments to fill out his administration is quite low due to the Republicans being short of the votes to adjourn the Senate.
The Democratic Party's favourable rating is at a record low of 34%, and the shift in political allegiances is evident. More independents are identifying as liberal, while the percentage of Americans identifying as Democrats outright was actually down slightly. This shift may have implications for the progress of the stock trading ban bill and other political developments.
In summary, the ban on lawmakers trading stocks is progressing within the Senate, but it faces political opposition and has not been finalized into law. The House's stock ban bill is expected to focus on congressional stock trading, and if passed, it would bar President Trump and Vice President JD Vance from buying stocks and limit them from selling. The bill's progress and eventual passage remain uncertain.
[1] Senate Committee Approves Stock Trading Ban for Lawmakers
[2] Republicans Criticize Proposed Stock Trading Ban for Overly Broad Provisions
[3] Trump and Hawley Reconcile on Stock Trading Ban Bill
[1] The Honest Act, a bill that seeks to prohibit members of Congress, including President Donald Trump and Vice President JD Vance, from trading stocks while in office, has been approved by a key Senate committee.
[2] Amidst the debate, some Republicans have criticized the proposed bill for provisions such as banning ownership of stablecoins, which they view as overly broad.
[3] Despite initial criticism, President Trump has expressed support for the stock trading ban, and Senator Josh Hawley has received bipartisan approval for the bill, with both Democrats and Hawley himself voting in favor.
[4] In a separate development, the House is working on its version of the stock ban bill, with a focus on congressional stock trading, rather than presidential and vice-presidential trades.
[5] If passed, the bill would bar President Trump and Vice President JD Vance from buying stocks and would limit them from selling.
[6] With the Democratic Party's favorable rating at a record low, the political landscape is shifting, which may have implications for the progress of the stock trading ban bill and other political developments.
