Senate committee moves forward with legislation to prohibit stock trading by lawmakers

Senate Bill to Ban Stock Trading by Lawmakers Moves Forward

A Senate committee has pushed forward a bill designed to prohibit stock trading by lawmakers, as well as the president and vice president. The proposal faced resistance from nearly all Republicans, except for Sen. Josh Hawley (R-Mo.), who introduced the legislation.

During a Homeland Security Committee hearing on Wednesday, tensions flared among Hawley, his Republican peers, and Democratic members of the panel, particularly regarding the timing of the bill’s implementation in relation to Trump’s presidency.

In a heated exchange, Sen. Bernie Moreno (R-Ohio) challenged Sen. Gary Peters (D-Mich.) with, “I know more about Pinky’s technology than you do,” amidst a debate over an electronic amendment to the proposal.

The proposed legislation seeks to ban stock trading for Congress members and their spouses, requiring them to gradually divest their holdings, and it includes the president and vice president in this ban.

Sen. Rand Paul (R-Ky.) expressed his opposition to potential amendments, arguing that the ban should apply universally. “It’s crazy to give Donald Trump an exemption from now on,” he remarked after voting against the changes.

Some Republicans, including Sen. Ron Johnson (R-Wis.), criticized the bill as “legislative demons,” suggesting it might deter business leaders and affluent individuals from assuming roles in government.

Sen. Rick Scott (R-Fla.) emphasized the need to avoid empowering Democrats against Trump while discussing the potential ban during the lengthy hearing.

In response, Trump criticized the bill in a post on Truth Social, claiming it exemplifies “playing directly with the dirty Democrats.” He added that a genuine Republican wouldn’t wish to confront a president who has attained remarkable success due to “the whims” of Hawley.

It’s still uncertain if GOP leadership will allow the bill to be voted on. A similar measure was passed by this committee last summer but ultimately failed to reach the Senate floor.

Meanwhile, the House has also been addressing the issue of a potential stock trading ban, with Rep. Anna Paulina Luna (R-Fla.) promising to initiate a discharge petition to compel a vote on the matter.