The bill aims to prevent lawmakers from using privileged information on the stock market for personal gain.
PELOSI Act Targets Insider Trading
The PELOSI Act amends the Ethics in Government Act of 1978, which prohibits using nonpublic information for private profit, commonly known as insider trading. This type of trading is already illegal for business leaders and everyday Americans.
The bill comes after revelations that Nancy Pelosi's husband, Paul Pelosi, traded $1-$5 million of stocks for semiconductors just days before Congress allocated $52 million to the industry.
PELOSI Act Has Bipartisan Support
The push to prevent lawmakers from profiting through their public office has bipartisan support. Hawley's bill follows similar legislation introduced by lawmakers on both sides of the aisle, including Sens. Jon Ossoff, D-Ga., and Mark Kelly, D-Ariz., and Reps. Chip Roy, R-Texas, and Abigail Spanberger, D-Va. The bill would require any profits made by a lawmaker to be returned to American taxpayers.