R-Mo. Sen. Josh Hawley of the company is reintroducing a law Monday prohibiting members of Congress and their spouses from trading shares while in office.
Holy introduced the Pelosi Act in 2023, but failed to make progress under President Joe Biden's administration. The proposal has since gained popularity among lawmakers on both sides of the aisle, and President Donald Trump himself said last week that if he came to his desk he would “absolutely” sign such a ban.
“Members of Congress should be fighting for those elected to serve, not a daily transaction at the expense of their members,” Holy told Fox News Digital in a statement.
“Americans have seen politicians after they made profits using information that is not available to the general public. Now is the time to prohibit all members of Congress from trading and holding stocks and restoring American trust into our country's legislative bodies,” he added.
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Senator Josh Hawley is updating his push to ban lawmakers from trading stocks while in office. (Screencaps from Forbes footage)
The Holy ban would prohibit lawmakers and their spouses from holding, purchasing or selling shares during their lawmakers' office period. Lawmakers are permitted to invest in a variety of mutual funds, exchange trading funds, or the US Treasury Department during their tenure.
If passed, current lawmakers will take 180 days to comply with the law. Similarly, newly elected lawmakers must achieve compliance within 180 days of inauguration.
Holy appointed his bill after former speaker Nancy Pelosi, who has made significant profits in the stock market while working for Congress. (Screenshot/HBO)
Lawmakers who continue to trade illegally under the law will be required to hand over the profits they have made to the U.S. Treasury Department. The House or Senate Ethics Committee may also impose a fine on each member of the lawmaker, which amounts to 10% of each illegal transaction.
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Trump himself approved a ban on Congressional members from trading in an interview with Time Magazine on Friday.
President Donald Trump says he will sign a law prohibiting members of Congress from trading shares while in office. (AP/Alex Brandon)
“I saw Nancy Pelosi get rich through insider information, and I'll be fine with that. If they send it to me, I'll do it,” he said of the trade ban.
“Would you like to sign?” the reporter pressed.
“Absolutely,” replied Trump.
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House Democrats have also expressed support for the ban, with House minority leader Hakeem Jeffries throwing weight behind the proposal last week.
