Senate Advances Stock Trading Ban with Support from Democrats Despite Republican Concerns
On Wednesday, the Senate Homeland Security and Government Affairs Committee took a significant step in addressing concerns about potential conflicts of interest by advancing the Honest Act, a bill that would prohibit members of Congress and their spouses from engaging in stock trading while in office. The legislation, sponsored by Sen. Josh Hawley, R-Mo., also aims to extend the ban to the president and vice president, though this provision will not take effect until after current executive leaders, Donald Trump and JD Vance, have left office. The measure received support from a bipartisan group of lawmakers, including several Democrats, as it moves closer to a full Senate vote.
Hawley, who first introduced the PELOSI Act earlier in the year, has faced a mix of support and opposition from within his own party. Although the bill passed the committee, some Republican lawmakers raised concerns about the inclusion of the president and vice president in the ban, calling it an overreach of congressional authority. Despite the criticism, Hawley maintained that the legislation was not hindered by any White House pushback, as reported in recent media outlets. He reiterated that he had not received any communication from the administration that would challenge the bill’s provisions.
Meanwhile, President Trump expressed cautious support for the concept of a stock trading ban, acknowledging that lawmakers, such as former Speaker Nancy Pelosi, have taken advantage of inside information for financial gain. However, he has not officially endorsed the legislation and stated that he would need to review its details before making a final decision. Trump’s comments, while supportive of the general idea, do not fully commit to the specific provisions of the Honest Act.
The bill’s inclusion of the executive offices has sparked a debate on the scope of regulatory authority. Some Republicans, like Sen. Rick Scott, R-Fla., have expressed confusion or disagreement with the measure, calling it a significant shift in policy. Meanwhile, Hawley defended the legislation as a necessary step to ensure transparency and prevent conflicts of interest in the federal government. The bill’s provisions, which include restricting direct stock trades and allowing investment in diversified funds or U.S. Treasury bonds, have drawn attention to the potential financial implications of such regulations on current lawmakers and future officeholders.
As the legislation moves forward, lawmakers are expected to face additional scrutiny on its implementation, particularly regarding compliance timelines and the definition of