A Senate panel is set to vote Wednesday on advancing the PELOSI Act, a bill introduced by Sen. Josh Hawley (R-Mo.) that would ban members of Congress and their spouses from trading individual stocks while in office. The bill, formally titled Preventing Elected Leaders from Owning Securities and Investments Act, is intended to prevent lawmakers from using non-public information for personal gain. Under the proposed law, elected officials could still invest in mutual funds, exchange-traded funds (ETFs), or U.S. Treasury bonds.

Hawley has highlighted bipartisan interest in the bill, stating that House Speaker Mike Johnson (R-La.) and several Democrats support it. He also claimed that former President Donald Trump supported the original version. However, recent amendments to include trading restrictions for the president and vice president have raised concerns from Trump’s team and key Republican figures.

Sen. Rand Paul (R-Ky.), who chairs the Homeland Security & Governmental Affairs Committee, has voiced opposition to the added restrictions, warning they may infringe on Article II of the Constitution. Critics also argue that such rules could discourage qualified candidates from running for office. To address this, Hawley is reportedly considering a provision that would delay the stock trading ban until the start of an official’s next term.

If enacted, current members of Congress would have 180 days to divest from individual stocks. Newly elected lawmakers would face the same deadline upon taking office. Those who fail to comply could be forced to surrender profits and face penalties from ethics committees.

The bill’s name is a pointed reference to former House Speaker Nancy Pelosi, who has faced scrutiny over her husband’s successful stock trades. While suspicions have persisted for years, Pelosi has never been formally accused or charged with insider trading.

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