Republican Missouri Sen. Josh Hawley broke ranks with his GOP colleagues Wednesday to advance legislation restricting lawmakers from trading individual stocks. The bipartisan measure passed out of the Senate Homeland Security and Governmental Affairs Committee by an 8-7 vote, with Hawley joining all Senate Democrats on the panel.
According to The Daily Caller, the proposed stock trading ban would place new restrictions on lawmakers, the president, and the vice president from trading or holding individual stocks, though it includes an exception for the current Trump administration.
Most Senate Republicans on the committee vigorously opposed the effort, arguing it unfairly targeted wealthy individuals and infringed on President Donald Trump and Vice President JD Vance's authority. Republican Florida Sen. Rick Scott called the measure "an attack against the president, an attack against the vice president" during a heated committee debate. The legislation, known as the PELOSI Act, was originally introduced by Hawley in April and named after Democratic former House Speaker Nancy Pelosi, who has faced allegations of using insider trading to accumulate wealth.
Republican senators launched sharp criticism against the committee proceedings, with some calling the process flawed and rushed. Ohio Sen. Bernie Moreno, who co-sponsored the original legislation, told reporters the committee hearing was a "circus" and "not serious legislating" because lawmakers weren't properly informed about changes made to the bill.
Moreno revealed he didn't receive the legislative text until walking into the hearing room, discovering significant markups that committee leadership hadn't adequately communicated. He specifically pointed to pages four and five showing extensive red lines and markups that committee chairman Gary Peters himself wasn't aware of.
Florida Sen. Rick Scott delivered some of the harshest criticism during the debate, defending wealthy Americans' right to invest. "This idea that we're going to attack people who make money is wrong," Scott argued, adding that lawmakers should "cherish all of our different backgrounds." Scott characterized the proceedings as "disgusting" and maintained that while stopping congressional stock trading was important, the current approach was fundamentally misguided.
Hawley emphasized overwhelming public support for congressional stock trading restrictions during his defense of the measure. He cited polling showing 86 percent of Americans believe members of Congress should not buy and sell individual stocks while serving in office.
The Missouri senator argued lawmakers have access to information unavailable to ordinary citizens, creating unfair advantages in financial markets. "We have an opportunity here today to do something that the public has wanted us to do for decades, and that is to ban members of Congress from profiting on information that, frankly, only members of Congress have," Hawley said during debate.
Democratic Michigan Sen. Gary Peters, the committee's top Democrat, expressed appreciation for the bipartisan cooperation with Hawley. Peters acknowledged the legislation represented meaningful progress on an issue that has frustrated Americans across party lines for years. The Democratic support reflected growing pressure from constituents who view congressional stock trading as a form of legalized corruption.
The legislation's targeting of Nancy Pelosi through its official name added significant political symbolism to the proceedings.
Pelosi has faced persistent allegations of using insider trading to build massive wealth during her decades in Congress, with the former House Speaker's net worth reportedly exceeding $400 million. While Pelosi has claimed all stock trading was performed solely by her husband, critics argue the distinction is meaningless given spouses' access to privileged information.
Republican Ohio Sen. Bernie Moreno captured public frustration with Pelosi's wealth accumulation, telling reporters that Americans are "pissed" when they see politicians getting "filthy rich" while ordinary citizens struggle financially. "People see people like Nancy Pelosi getting filthy rich and they're pissed, right? Because they see their own lives getting worse," Moreno said. He emphasized that public anger stems not from jealousy of wealth itself, but from outrage over how government positions were monetized for personal gain, describing the level of wealth accumulation as "grotesque."
The committee's narrow approval represents only the first step in a challenging legislative process that faces significant hurdles ahead. While the measure cleared the Senate Homeland Security and Governmental Affairs Committee, it must still navigate full Senate consideration, where Republican opposition could prove insurmountable.
The legislation would also require House approval and presidential signature, creating multiple opportunities for the effort to stall or fail entirely. President Trump's position on the legislation remains unclear, though the administration's exemption suggests potential White House concerns about executive restrictions.
Democratic Michigan Sen. Elissa Slotkin acknowledged discomfort with exempting the Trump administration from the restrictions but expressed willingness to accept imperfect legislation. She told reporters she was "willing to make the good work instead of waiting for the perfect," reflecting Democratic pragmatism about advancing any meaningful reform.
