A Senate panel is set to vote Wednesday on a bill introduced by Sen. Josh Hawley (R-Mo.) that would ban members of Congress from trading stocks, a proposal that has stirred fresh momentum and intense debate. Hawley said the legislation has support from House Speaker Mike Johnson (R-La.), many Republicans, and even some Democrats. He also noted that Johnson told him former President Donald Trump supported the original version of the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act. Hawley has argued passionately that lawmakers should serve the public, not profit from information unavailable to ordinary Americans.
Under the bill, members of Congress and their spouses would be prohibited from buying, selling, or holding individual stocks while in office, though they could still invest in diversified mutual funds, ETFs, or U.S. Treasury bonds. Current members would have 180 days to comply. Those who violate the rules would be required to surrender any profits to the U.S. Treasury and could face additional penalties from House and Senate ethics committees.
The effort has hit complications after new language was added to extend certain restrictions to the president and vice president—changes strongly opposed by Sen. Rand Paul (R-Ky.). The White House Office of Legislative Affairs expressed concerns that the additions may infringe on Article II powers, emphasizing that their objections are related solely to executive-branch authority.
Paul suggested that advancing the bill may help him move other legislation through committee, while Hawley reportedly plans to delay implementation until the next term of any affected official. The bill’s name references former Speaker Nancy Pelosi, long accused—but never proven—of benefiting from insider-adjacent stock trades.