Numerous members of Congress have gotten fabulously rich making well-timed investments.
Multiple bills have been introduced in recent years that would ban congressional stock trading, including Missouri Republican Sen. Josh Hawley’s Preventing Elected Leaders from Owning Securities and Investments Act — the PELOSI Act.
Despite the opposition from his Republican peers — Sen. Ron Johnson (R-Wis.), for instance, warned of possible “unintended consequences” — Hawley successfully got the bill through through the Senate Homeland Security and Governmental Affairs Committee.
President Trump was none too pleased with his longtime Republican ally in the Senate, suggesting in a strongly worded Truth Social post that Hawley was a “second-tier Senator” being used by Democrats to undermine him in an apparent act of “sabotage.”
Hawley reintroduced the PELOSI Act in April, noting, “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.”
The name of the bill is a not-so-subtle jab at one of the most brazen alleged insider traders in Congress, California Rep. Nancy Pelosi (D), whose annual salary is now around $174,000 but who has a net worth of $263.39 million, according to Quiver Quantitative.
Last year, President Donald Trump demanded that Pelosi be prosecuted for alleged insider trading after her husband dumped 2,000 of his shares in Visa — valued at roughly $500,000 — two months before the company was sued by the Department of Justice for allegedly monopolizing the debit markets. Visa stock dropped by 5% following the announcement of the DOJ’s civil antitrust suit.
Pelosi is certainly not alone.
In his Blaze Originals documentary, “Bought and Paid For: How Politicians Get Filthy Rich,” James Poulos, the host of BlazeTV’s “Zero Hour” and the editor at large of Blaze Media, highlighted some of the “most egregious transactions” members of Congress have directly or indirectly pulled off in recent years — like making big investments in defense contractors on the eve of the war in Ukraine — without remorse or consequence.
Around the time of its reintroduction, Trump indicated that he would support such a ban.
However, the bill debated in committee on Wednesday would not just bar lawmakers in Congress and their spouses from buying, selling, or holding individual stocks while in office — it would apply to the American president and vice president as well.
‘Members of Congress should be focused on delivering results for their constituents, not returns on investments.’
Trump told reporters on Wednesday that he likes the legislation “conceptually,” adding that “Nancy Pelosi became rich by having inside information. She made a fortune with her husband, and I think that’s disgraceful. So in that sense, I’d like it, but I’d have to really see — you know I study these things very carefully, and this just happened, so I’ll take a look at it.”
A White House official speaking to the New York Times on the condition of anonymity claimed that Hawley blindsided the president’s team with the bill, the original version of which would have reportedly required Trump and Vance to sell off their investments starting in 2027.
Hawley changed the bill so that officeholders would not have to divest until the beginning of their next terms, meaning Trump would be exempt.
Sen. Rand Paul (R-Ky.) criticized the change, suggesting that the prohibition “should apply to everybody or nobody.”
Nevertheless, the bill passed committee 8-7 — with all Republicans but Hawley voting in opposition.
After the vote, Hawley said in a statement, “Members of Congress should be focused on delivering results for their constituents, not returns on investments. It’s time to find out where members stand. It’s time we restore trust in Congress and ban all members from trading and holding stocks.”
Trump subsequently attacked Hawley on Truth Social, writing, “The Democrats, because of our tremendous ACHIEVEMENTS and SUCCESS, have been trying to ‘Target’ me for a long period of time, and they’re using Josh Hawley, who I got elected TWICE, as a pawn to help them. I wonder why Hawley would pass a Bill that Nancy Pelosi is in absolute love with.”
Trump suggested further that Hawley “is playing right into the dirty hands of the Democrats. It’s a great Bill for [Pelosi], and her ‘husband,’ but so bad for our Country! I don’t think real Republicans want to see their President, who has had unprecedented success, TARGETED, because of the ‘whims’ of a second-tier Senator named Josh Hawley!”
The president also took issue with Hawley for siding with Democrats against Florida Republican Sen. Rick Scott’s attempt to add a report of controversial stock trading by Pelosi and her family to the bill — a possible deal-breaker for Democrats — and to add an exemption for the president and vice president.
When asked for comment on whether Trump’s view changed in light of Hawley’s alteration to the bill, the White House referred Blaze News back to the president’s Truth Social post.
A poll conducted in 2023 by the University of Maryland’s Program for Public Consultation found that 86% of Americans favored barring members of Congress and their family members from trading stocks. When broken down by political affiliation, 87% of Republican respondents, 88% of Democratic respondents, and 81% of independents supported the proposal.
The poll found that 87% of Americans also supported prohibiting the president, the vice president, and Supreme Court justices from trading stocks in individual companies.
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The post ‘Sabotage’: Trump attacks Hawley for pushing bill that would ban congressional and presidential stock trading appeared first on TheBlaze.
