In a surprising bipartisan move, the Senate Homeland Security and Governmental Affairs Committee voted 8-7 on July 30, 2025, to advance the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, now renamed the Honest Act. The legislation, spearheaded by Senator Josh Hawley (R-Mo.), bans members of Congress, their spouses, the president, and the vice president from trading or holding individual stocks during their terms. Lawmakers would have 180 days to divest or place stocks in a blind trust, with compliance audited biennially by the Government Accountability Office.
The bill, originally named to jab at former House Speaker Nancy Pelosi over her husband’s lucrative stock trades, faced resistance from most Republicans, who argued it unfairly targets wealthier members and could deter public service. Committee Chair Rand Paul (R-Ky.) called it a “publicity show,” while Senator James Lankford (R-Okla.) defended existing blind trust regulations. Democrats, securing an exemption for President Trump until 2029, supported the measure, with Senator Elissa Slotkin (D-Mich.) prioritizing progress over perfection. Pelosi herself endorsed the bill, welcoming efforts to raise ethical standards.
The narrow vote reflects deep divisions, with critics like Senator Bernie Moreno (R-Ohio) decrying the rushed process. Hawley, who sold his own stocks upon election, insists the ban restores public trust, citing polls showing 70% of Americans favor it. The bill’s fate in the Republican-controlled Senate remains uncertain, but its advancement marks a significant step toward curbing congressional insider trading.
