Rep. Nancy Pelosi (D-Calif.), the former House Speaker, backed a congressional stock trading ban on Wednesday after a Senate panel narrowly voted to advance the bipartisan proposal.
The Honest Act, introduced by Sen. Josh Hawley (R-Mo.), was originally called the Preventing Elected Leaders from Owning Securities and Investments, or PELOSI, Act — a nod to the criticism Pelosi has faced for her husband’s extensive trading.
But, working with Democrats, Hawley dropped the contentious name and expanded the lawmaker ban to apply to future presidents and vice presidents as well.
Pelosi touted the changes made to the legislation and said she “strongly” supports it and looks forward to voting for it when it reaches the House floor.
“If legislation is advanced to help restore trust in government and ensure that those in power are held to the highest ethical standards, then I am proud to support it — no matter what they decide to name it,” Pelosi said in a statement.
“While I appreciate the creativity of my Republican colleagues in drafting legislative acronyms, I welcome any serious effort to raise ethical standards in public service,” she continued. “The HONEST Act, as amended, rightly applies its stock trading ban not only to Members of Congress, but now to the President and Vice President as well.”
Hawley’s bill advanced with the support of all Democrats and no other Republicans on the committee.
The step comes amid renewed efforts in Congress to pass a stock-trading ban, a proposal with broad bipartisan support from the public.
President Trump said in April that he would “absolutely” sign a congressional stock trading ban if it came across his desk and, on Tuesday, he said he would “take a look” at the bill, adding, “but conceptually, I like it.”
On Wednesday, however, he struck a different tune, sharply criticizing Hawley for voting with Democrats to advance the bill.
Pelosi dropped her opposition to legislation banning members of Congress from trading stocks in 2022.
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