In a week marked by internal strife, the Senate Republican caucus found itself at odds over a legislative proposal aimed at banning lawmakers from trading individual stocks while in office. Introduced by Senator Josh Hawley (R-Mo) and originally named after former House Speaker Nancy Pelosi, the bill, now dubbed the “Honest Act,” has stirred a pot of long-standing ethical concerns and partisan tensions.
The Senate Homeland Security and Governmental Affairs Committee witnessed a narrow passage of the bill, with every Democrat and Senator Hawley voting in favor. The remaining Republicans on the committee opposed the motion, raising issues with the bill's abrupt introduction, last-minute amendments, and the perception that it targeted former President Donald Trump.
Emotions ran high during the committee hearing as the bill advanced. Following the vote, Trump reportedly delivered a stern critique to Hawley, the bill's champion. Trump was informed by several individuals that the revised language could compel him to divest from his personal assets, including selling off his Mar-a-Lago resort. Hawley, in response, refuted these claims and asserted that the bill explicitly exempts Trump, a point he clarified in a follow-up phone call with the former president. According to Politico, Trump now supports a ban on stock trading by legislators, a sentiment echoed by Hawley, who stressed the bill's primary goal of restoring public trust in governance.
Fox Business reported further clarifications from Hawley, who noted that he and Trump did not discuss the new provision extending to future presidents and vice presidents, a clause included during negotiations with Senate Democrats. The revised bill prohibits congressional members and their spouses from engaging in individual stock transactions during their tenure. In exchange for Democratic backing, it also bars the next president and vice president from owning or trading individual stocks while in office.
White House Press Secretary Karoline Leavitt confirmed Trump's direct conversation with Hawley about the bill, emphasizing Trump's support for preventing lawmakers from profiting during their service. She highlighted Pelosi's publicized stock trades as a catalyst for the proposed legislation.
Despite the committee's approval, the bill's path forward remains uncertain. Senate Majority Whip John Thune (R-SD) expressed skepticism about the bill reaching the Senate floor, pointing to the lack of widespread Republican support. This opposition raises questions about the GOP's ability to unite behind stock trading reform without further internal discord.
Fox also noted that Senator Rick Scott (R-FL), who opposed the bill, was among those who contacted Trump to express concerns. Scott criticized the bill's timing and content, questioning Hawley's collaboration with Democrats and his vote against reviewing Pelosi's trades. Senator Bernie Moreno (R-OH), an initial co-sponsor of Hawley's earlier version, withdrew his support after discovering added provisions, including a ban on holding stablecoins, without his knowledge.
As the debate continues, the Republican caucus is left to navigate the ethical implications of stock trading among lawmakers and the political fallout of a bill that has both united and divided them.
