On July 30, 2025, the Senate Homeland Security and Governmental Affairs Committee voted 8-7 to advance the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, a landmark bill banning members of Congress, their spouses, and future presidents from trading or holding individual stocks. Spearheaded by Senator Josh Hawley (R-Mo.), the bill, renamed the Honest Act during negotiations, aims to curb insider trading by lawmakers who access non-public information. It requires divestment within 180 days, with penalties including forfeiture of profits to the Treasury and fines enforced by ethics committees.
The vote saw Hawley join Democrats, while all other Republicans, including Committee Chair Rand Paul (R-Ky.), opposed it, arguing it punishes wealth and deters business leaders from public service. Senator Bernie Moreno (R-Ohio) called it a “publicity show,” citing rushed proceedings. Democrats secured passage by exempting President Trump and Vice President JD Vance from divestment during their current terms, a move Paul labeled the “exemption for Donald Trump substitute.” Trump, who initially supported the bill conceptually, later criticized Hawley, alleging it plays into Democratic hands, particularly benefiting former Speaker Nancy Pelosi, whose husband’s trades yielded $4 million in Nvidia gains in 2024.
The bill, stricter than the 2012 STOCK Act, faces an uncertain Senate floor vote, with Senate Majority Leader John Thune doubting its passage with only one GOP supporter. Public support is strong, with a 2024 University of Maryland poll showing 85% favor a ban, reflecting distrust in Congress, where approval lingers at 18%, per Gallup.
