Hawley re-ups PELOSI Act, banning lawmakers from trading stocks
Sen. Josh Hawley, R-Mo., is once again pushing for legislation that would prohibit members of Congress and their spouses from engaging in stock trading while in office. The bill, known as the “PELOSI Act,” was initially introduced in 2023 but did not advance during President Biden’s administration. However, the proposal has garnered support from both Democrats and Republicans, including former President Trump, who stated that he would “absolutely” sign such a ban into law.
In a statement to Fox News Digital, Hawley emphasized the need to prioritize the interests of the American people over personal financial gains. He criticized the practice of lawmakers profiting from privileged information and stressed the importance of restoring trust in the legislative branch by implementing a blanket ban on stock trading for all members of Congress.
The proposed ban would prohibit lawmakers and their spouses from buying, selling, or holding individual stocks for the duration of their tenure in office. However, they would still be allowed to invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds. Existing legislators would have 180 days to comply with the legislation, while newly elected officials must adhere to the rules within 180 days of taking office.
Under the PELOSI Act, any member of Congress found to be engaging in unauthorized stock transactions would be required to surrender any profits to the U.S. Treasury Department. Additionally, the House or Senate ethics committees could impose fines amounting to 10% of the gains from each improper trade.
President Trump’s endorsement of the ban further underscores bipartisan support for the measure. Trump expressed willingness to sign the legislation, citing instances of lawmakers like Nancy Pelosi benefiting from insider information. Democrats in the House, including Minority Leader Hakeem Jeffries, have also voiced their backing for the proposed ban.
The renewed push for the PELOSI Act reflects a growing consensus among lawmakers to address concerns about potential conflicts of interest and unethical practices in Congress. By imposing strict restrictions on stock trading, proponents of the bill aim to uphold the integrity of public service and enhance accountability within the legislative branch.
For more information on the PELOSI Act and its implications, you can access the full text of the bill below. Stay updated on this developing story as legislators work towards implementing measures to promote transparency and ethical conduct in government.
Anders Hagstrom, a reporter for Fox News Digital covering national politics and breaking news, will continue to provide updates on this legislation. For any tips or inquiries, reach out to Anders.Hagstrom@Fox.com or follow him on Twitter at @Hagstrom_Anders.
