Senator Josh Hawley (R-MO) has now reportedly reintroduced the PELOSI Act, aimed at banning congressional members from trading individual stocks.
This legislation, named after former House Speaker Nancy Pelosi, addresses concerns over potential insider trading by lawmakers, particularly following scrutiny of Pelosi’s husband’s stock transactions.
Hawley emphasized that lawmakers should prioritize serving their constituents rather than engaging in stock trading for personal gain. “Americans have seen politician after politician turn a profit using information not available to the general public,” he stated.
The proposed act seeks to restore trust in Congress by prohibiting elected officials and their spouses from owning individual stocks while in office.
However, they would still be allowed to invest in broader financial instruments like mutual funds, ETFs, and Treasury bonds.
The legislation includes a six-month grace period for compliance, during which lawmakers must divest their individual stocks.
Those who fail to comply would face financial penalties and be required to forfeit any profits to the federal treasury.
Additionally, the Government Accountability Office would be tasked with auditing compliance within two years of the act’s enactment, reporting findings to congressional ethics committees.
President Trump expressed his support for the PELOSI Act, indicating he would sign the bill if passed. He remarked, “I watched Nancy Pelosi get rich through insider information, and I would be okay with it.”
Public support for banning congressional stock trading is strong, with over 80% of Americans favoring reform.
Similar proposals have been introduced in the past but have not advanced to a vote despite widespread backing. Hawley’s renewed push reflects ongoing bipartisan interest in addressing this issue.
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