Sen. Josh Hawley (R-Mo.) this week reintroduced the aptly titled “PELOSI Act,” aiming to stop members of Congress from engaging in insider trading.
The “Preventing Elected Leaders from Owning Securities and Investments Act” bans congressional legislators and their spouses “from holding or trading certain investments (e.g., individual stocks and related financial instruments other than diversified investment funds or U.S. Treasury securities),” according to a description of the bill (S.58).
In a press release, Sen. Hawley wrote, “Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents.”
“Americans have seen politician after politician turn a profit using information not available to the general public. It’s time we ban all members of Congress from trading and holding stocks and restore Americans’ trust in our nation’s legislative body.”
Hawley’s bill comes as many, including DOGE lead Elon Musk, have raised concerns that members of Congress are becoming ultra-wealthy while in office through booming stock portfolios and bizarrely well-timed trades, leading many to suspect insider trading is at play.
One legislator that comes to mind is Rep. Nancy Pelosi (D-Calif.), whose net worth is estimated to be over $267,000,000, despite a congressional salary of $174,000 per year.
Asked in 2021 whether US legislators should be banned from trading stocks while serving in Congress, Pelosi objected, arguing it was inherent to the free market.
Sen. Hawley had previously introduced the legislation in 2022, under the “Banning Insider Trading in Congress Act” title, and again in 2023.
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