Washington D.C. – A significant legislative effort to curb potential conflicts of interest among elected officials advanced this week, as the Senate Homeland Security and Governmental Affairs Committee voted 8-7 to send a bill banning individual stock trading by members of Congress and their spouses to the full Senate. Originally introduced by Senator Josh Hawley (R-Mo.) as the "Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act," the measure was rebranded and expanded as the "HONEST Act" during committee markup.
The bill, now officially known as the HONEST Act, mandates that lawmakers and their spouses divest individual stock holdings or place them in a blind trust upon entering office. Crucially, the amended legislation now extends this prohibition to the President and Vice President, aiming to restore public trust in government. Senator Hawley, the sole Republican to vote with Democrats to advance the bill, has consistently argued that "Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents."
The initial naming of the bill as the "PELOSI Act" was a direct reference to former House Speaker Nancy Pelosi, whose husband's timely stock trades have drawn scrutiny and fueled calls for stricter regulations. Despite the politically charged moniker, Speaker Emerita Pelosi has publicly endorsed the HONEST Act, stating, "We must have strong transparency, robust accountability and tough enforcement for financial conduct in office because the American people deserve confidence that their elected leaders are serving the public interest — not their personal portfolios." She added, "I am proud to support it — no matter what they decide to name it."
The push for such legislation resonates with a segment of the public disillusioned with partisan politics, as highlighted by former Democratic political operative Evan Barker. In a recent tweet, Barker, now a vocal critic of the Democratic Party, expressed support for the initiative, stating, "I support the PELOSI act introduced by @HawleyMO. Anyone who wants transparency in our government should also support. Quit viewing things as 'right' and 'left' and start viewing them as 'right' and 'wrong'." This sentiment underscores a bipartisan desire for greater accountability in Washington.
The advancement of the HONEST Act marks a notable step in a long-standing debate over congressional ethics. While the bill faces further hurdles in the full Senate, its bipartisan committee passage signals a growing momentum for reforms aimed at preventing lawmakers from profiting from their positions. The legislation permits investments in diversified mutual funds, ETFs, and U.S. Treasury bonds, focusing specifically on individual stock holdings that could present conflicts of interest.