R-Mo. Senator Josh Hawley of the law is reintroducing Monday banning members of Congress and their spouses. Trading stocks Currently in office.
Holy introduced the Pelosi Act in 2023, but failed to make progress under President Joe Biden’s administration. The proposal subsequently gained popularity among lawmakers and presidents on both sides of the aisle. Donald Trump He himself said last week that he would “absolutely” sign such a ban when he came to his desk.
“Members of Congress should be fighting for those elected to serve, not a daily transaction at the expense of their members,” Holy told Fox News Digital in a statement.
“Americans have seen politicians after they made profits using information that is not available to the general public. Now is the time to prohibit all members of Congress from trading and holding stocks and restoring American trust into our country’s legislative bodies,” he added.
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Senator Josh Hawley is updating his push to ban lawmakers from trading stocks while in office. (Screencaps from Forbes footage)
The Holy ban would prohibit lawmakers and their spouses from holding, purchasing or selling shares during their lawmakers’ office period. Lawmakers are permitted to invest in a variety of mutual funds, exchange trading funds, or the US Treasury Department during their tenure.
If passed, current lawmakers will take 180 days to comply with the law. Similarly, newly elected lawmakers must achieve compliance within 180 days of inauguration.
Holy appointed his bill after former speaker Nancy Pelosi, who has made significant profits in the stock market while working for Congress. (Screenshot/HBO)
Lawmakers who continue to trade illegally under the law will be required to hand over the profits they make to the U.S. Treasury Department. Home or Senate Ethics Committee Such lawmakers can also be fined equivalent to 10% of each illegal transaction.
Trump himself supported the ban on trading Members of the council In an interview with Time Magazine on Friday.
President Donald Trump says he will sign a law prohibiting members of Congress from trading shares while in office. (AP/Alex Brandon)
“I saw Nancy Pelosi get rich through insider information, and I’ll be fine with that. If they send it to me, I’ll do it,” he said of the trade ban.
“Would you like to sign?” The reporter pressed.
“Absolutely,” replied Trump.
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House Democrats have also expressed support for the ban, with House minority leader Hakeem Jeffries throwing weight behind the proposal last week.
Read the full Pelosi method below.
