Senator Josh Hawley, R-Mo. , legislation reintroduced Monday that would prohibit members of Congress and their spouses from trading stocks during their tenure.
Hawley launched the Pelosi Act in 2023 but failed to make progress under President Joe Biden's administration. The proposal has since been widely popular among lawmakers on both sides of the aisle, and Donald Trump himself said last week that he would sign such a ban “absolutely” if it came to his desk.
“Members of Congress should fight for those they are elected to serve, rather than one-day deals at the expense of voters,” Hawley told Fox News Digital in a statement.
He added: "Americans are politicians after they use information from unavailable publicly provided to politicians. It's time we ban all members of Congress from trading and holding stocks and restore Americans' trust in our national legislature."
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Senator Josh Hawley is renewing his efforts to ban legislators from trading stocks during his tenure. (Screenshot from Forbes Lens)
Hawley's injunction would prohibit legislators and their spouses from holding, buying or selling stocks during the tenure of lawmakers. During his tenure, lawmakers will be allowed to invest in diversified mutual funds, exchange-traded funds or U.S. fiscal bonds.
If passed, the current legislator will have 180 days to comply with the legislation. Similarly, newly elected lawmakers must achieve compliance within 180 days of entering the office.
Hawley's former Speaker Nancy Pelosi was named after the latter, who enjoyed great gains in the stock market during his time in Congress. (Screen shot/HBO)
Members who continue to conduct illegal transactions under the law must hand over any profits they earn to the U.S. Treasury Department. The House or Senate Ethics Committee can also impose a fine on 10% of lawmakers in each illegal transaction.
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Trump himself endorsed the ban on Congress in an interview with Time magazine on Friday.
President Donald Trump said he would sign legislation that prohibits members of Congress from trading stocks during their tenure. （AP/Alex Brandon）
"I'll be happy with Nancy Pelosi's wealth through insider information. If they send it to me, I'll do that."
"Do you know how to sign?" the reporter pressed.
"Absolutely," Trump replied.
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House Democrats also expressed support for the ban, with House Minority Leader Hakeem Jeffries throwing his weight behind the proposal last week.