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stock trading ban
13 Dems Help House GOP Pass Stock Trading Ban That Includes Trump Attack on Voters
"If Republicans actually wanted to stop congressional stock trading, they’d pass our bipartisan Restore Trust in Congress Act," said Rep. Pramila Jayapal.
Jul 22, 2026
The US House of Representatives on Wednesday held a series of key votes, including one in which over a dozen Democrats helped Republicans pass a purported congressional stock trading ban, even though the GOP tacked on a voter suppression provision demanded by President Donald Trump.
The chamber passed the Stop Insider Trading Act (HR 7008) in a 232-198 vote. The Democrats who voted in favor are Reps. Kathy Castor (Fla.), Henry Cuellar (Texas), Don Davis (NC), Jared Golden (Maine), Vicente Gonzalez (Texas), Josh Gottheimer (NJ), Marcy Kaptur (Ohio), Susie Lee (Nev.), Jared Moskowitz (D-Fla.), Chris Pappas (NH), Marie Gluesenkamp Perez (Wash.), Darren Soto (Fla.), and Derek Tran (Calif.).
Taking aim at Trump on Wednesday, Congresswoman Sydney Kamlanger-Dove (D-Calif.) said that "the Stock Trader in Chief made 21,000 stock trades in his first year back in office. I 100% support a stock trading ban for Members of Congress AND the president and VP. But the bill Republicans brought to the floor was only about appeasing Trump."
"It caters to Trump's election conspiracy theories by enacting haphazard voter ID restrictions, and it conveniently excludes him and JD from the ban," she added, referring to Vice President JD Vance. "I voted no."
Many other House Democrats joined voting rights advocates in opposing the bill in the lead-up to Wednesday's vote, with Congressional Black Caucus Chair Yvette Clarke (D-NY) denouncing it as "a Trojan horse—using the premise of congressional ethics reform to advance a broader effort to restrict access to the ballot box."
In a letter to Congress earlier this week, the Campaign Legal Center (CLC) warned that "the Voter ID Act—which mostly mirrors a section of the deeply unpopular SAVE Act—aims to impose onerous new requirements on voting. It would demand Americans provide ID to cast a ballot but only accept an unreasonably narrow list of acceptable types of documentation. It excludes widely held and reliable forms of ID that young people and voters of color disproportionally rely on, while failing to account for the diversity of tribal identification practices."
As for the stock portion of the bill, CLC wrote, it "would not actually ban lawmakers from trading stocks or stop members from unduly profiting from their official positions," and "contains exceptions that regrettably swallow the few new rules it does try to enact."
Rep. Pramila Jayapal (D-Wash.) on Wednesday renewed her call for passing the bipartisan Restore Trust in Congress Act.
In addition to HR 7008, the House on Wednesday passed an annual military spending package and a budget reconciliation framework that includes $10 billion for election-related grants.
By adding SAVE America Act provisions to unrelated measures, House Speaker Mike Johnson (R-La.) is trying "to placate Mr. Trump and far-right House Republicans who are furious that the voting restriction bill has run aground in the Senate," The New York Times noted. "The moves are unlikely to budge Senate Republicans; they consider the bill dead, given that it cannot draw the 60 votes needed to move forward in that chamber."
As for the chamber's Democrats, Senate Minority Leader Chuck Schumer (NY) and his party's Election Protection Task Force on Wednesday brought together various experts, including Ian Bassin of Protect Democracy, former White House ethics czar Norm Eisen, lawyer Marc Elias, Vanita Gupta of New York University School of Law, and Skye Perryman of Democracy Forward.
"We all know that Donald Trump wants to steal America's elections, plain and simple. And Democrats won't let it happen," Schumer said. "We are looking at every very way to prevent him from stealing the elections. He's desperate. He's made life harder, more difficult for Americans. He wants to steal the election because he knows he can't win the election. Our job is to stop it. And so, we are doing many things. This month we're talking about Trump's corruption."
"But one of the things we are doing is a tabletop exercise where some of the experts on election reform will challenge us with certain scenarios that Trump might use. We're looking at things he would do to undo elections before Election Day, on Election Day, and after Election Day," he explained. "And we had one tabletop exercise three, four weeks ago. And it greatly strengthened our knowledge and ability to anticipate what he might do and how to thwart him. That's what we're doing here today. And whatever he does, we will be ready to respond."
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'Go Out and Buy a Dell': Trump Touted 20+ Corporations Days After Buying Their Stock
A CNN analysis shows that President Donald Trump used his social media platform to praise companies in which he recently invested.
Jul 16, 2026
US President Donald Trump used his social media platform—which has nearly 13 million followers—to tout more than 20 different corporations without disclosing at the time that he had purchased the companies' stock just days earlier.
That's according to an analysis published Thursday by CNN, which found that "Trump made at least 44 stock purchases of 21 different companies within a week before he posted a complimentary Truth Social message about the firms, their executives, or their products." The list of companies includes Nvidia, GE Aerospace, Eli Lilly, Apple, American Eagle, and Boeing.
One example cited by CNN was Trump's purchase of between $200,000 and $500,000 worth of Nvidia shares days before announcing in an April 15, 2025 Truth Social post that "all necessary permits" for the chip giant to "build AI supercomputers" in the US would be "expedited and quickly delivered."
Last year, according to the president's latest financial disclosure, Trump made more than 21,000 stock trades totaling around $1 billion. Trump has supported legislative efforts to ban members of Congress from trading stock but has voiced opposition to extending the proposed ban to the executive branch.
Dylan Hedtler-Gaudette, the interim vice president of policy and government affairs at the Project on Government Oversight, told CNN that Trump's stock trades and subsequent complimentary posts about the same companies "represent a case study in presidential conflicts of interest."
“This is why we’ve long said government officials should not be able to trade stock while they’re in office,” said Hedtler-Gaudette. “That definitely applies to the president and the disproportionate power of that office.”
Trump's trades and promotion of companies in which he's invested have continued this year.
On February 10, according to financial disclosures, Trump purchased between $1 million and $5 million worth of shares in Dell. Just over a week later, during a speech in Rome, Georgia, Trump urged Americans to "go out and buy a Dell computer." In late May, Dell scored a five-year Pentagon contract worth nearly $10 billion.
Year to date, Dell's stock price is up roughly 215%.
“This is an ethics disaster,” Dan Greenberg, a senior legal fellow at the libertarian Cato Institute, told CNN.
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Citing Shady Stock Trades, Warren Asks Bessent If SEC Should 'Be Knocking on President Trump's Door'
"Instead of draining the swamp, what Donald Trump is doing is he is enriching himself by taking advantage of his position," said Sen. Elizabeth Warren. "That is not public service."
Jun 03, 2026
US Sen. Elizabeth Warren on Wednesday pressed Treasury Secretary Scott Bessent on the suspiciously timed trading activity of President Donald Trump, pointing specifically to a large purchase of Nvidia stock just days before his administration approved a sale of the tech giant's chips to China.
During a Senate Appropriations Committee hearing, Warren (D-Mass.) asked Bessent—who has criticized lawmakers for trading stocks—whether he would be willing to hold his boss to the same standard. Last year, Bessent said that if any private citizen traded like members of Congress, the Securities and Exchange Commission (SEC) "would be knocking on their door."
"Should the SEC be knocking on President Trump's door?" Warren asked Bessent, who responded that the Massachusetts Democrat and her congressional colleagues should "lead by example."
"I would like to see the president of the United States lead by example," replied Warren, who supports a ban on congressional stock trading and does not own or trade stocks in individual companies. "Instead of draining the swamp, what Donald Trump is doing is he is enriching himself by taking advantage of his position. That is not public service. He's the one who should lead by example."
Watch the exchange:
Financial disclosures released last month show Trump made more than 3,600 trades during the first three months of 2026, purchasing shares in some companies that his administration is tasked with regulating.
"Many of these trades coincided with favorable regulatory decisions," NOTUS reported. "Trump purchased $1 million to $5 million worth of Nvidia stock on February 10, only a week before Nvidia announced a major computer processing power deal with AI and social media giant Meta. Trump previously purchased $500,000 to $1 million worth of Nvidia stock on January 6, a week before the Commerce Department officially approved the sale of some Nvidia chips to China."
In a video response response to the disclosures, Warren asked: "Was this insider trading? And what else is Trump doing to boost his own stock?"
"The American people deserve to know," said Warren. "What Trump is doing should be illegal. It's long past time that we ban the president and every single lawmaker in this country from trading in stocks. We need to end this corruption now."
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House Democrats Who Want Stock Trading Ban 'Disappointed' by GOP Proposal
"Any bill that still allows members of Congress to own and trade stocks falls far short of what the American people want and deserve," said Reps. Pramila Jayapal, Seth Magaziner, and Alexandria Ocasio-Cortez.
Jan 12, 2026
A trio of Democrats in the US House of Representatives leading the fight for a congressional stock trading ban ripped Republican leadership's proposal as an inadequate replacement in a Monday statement released ahead of a scheduled committee markup.
Politico reported last month that House Speaker Mike Johnson (R-La.) and Administration Committee Chair Bryan Steil (R-Wis.) briefed GOP lawmakers on their plan for a bill that would ban members of Congress from buying new stocks but let them keep what they already have.
Steil introduced the Stop Insider Trading Act on Monday and announced a Wednesday markup. Backed by Johnson and other GOP leaders, the legislation would also apply to lawmakers' spouses and dependent children, and require public notice a week before any of them sell stock.
However, Reps. Pramila Jayapal (D-Wash.), Seth Magaziner (D-RI), and Alexandria Ocasio-Cortez (D-NY) argued in a joint statement that "any bill that still allows members of Congress to own and trade stocks falls far short of what the American people want and deserve."
"We are disappointed that the bill introduced by Republican leadership today fails to deliver the reform that is needed and instead protects the wealthiest members of Congress by allowing them to continue to hold and sell stock," said the original co-sponsors of the bipartisan Restore Trust in Congress Act.
House Republicans’ new legislation on Congressional stock trading falls far short of what the American people want and deserve. The House must move forward on our bipartisan consensus bill, the Restore Trust in Congress Act.My full statement with @magaziner.house.gov and @ocasio-cortez.house.gov:
[image or embed]
— Congresswoman Pramila Jayapal (@jayapal.house.gov) January 12, 2026 at 12:23 PM
The Democrats stressed that "while this bill prohibits members from buying new stocks, it does nothing to remove the conflict of interest that arises from owning or selling existing stocks. Members can still act on legislation, investigations, and briefings that directly influence the value of their stocks for personal benefit."
"The American public deserves to know that members of Congress are making decisions in the public interest, not in the interest of their own pocketbooks. The only way to restore Americans' trust is to ban members of Congress from owning and trading stocks," the trio continued.
"We hope that Speaker Johnson will find the courage to move the Restore Trust in Congress Act, a bipartisan consensus bill that has wide support from members of both parties and will end the practice of members of Congress owning and trading stocks once and for all," they concluded.
The Restore Trust in Congress Act would ban members of Congress, plus spouses and children, from trading individual stocks. It would give them 180 days to sell anything they hold and require divestment before newly elected lawmakers are sworn in.
When that bill was introduced in September, Jamie Neikrie, legislative director at the political reform group Issue One, said that "members of Congress have a responsibility to hold themselves to the highest ethical standards, and passing the Restore Trust in Congress Act is how Congress shows it's serious about restoring trust and integrity in government."
As Politico detailed Monday:
Johnson and GOP leaders have been searching for a legislative compromise to appease Rep. Anna Paulina Luna (R-Fla.) and other rank-and-file House Republicans, who have for months been threatening to launch a discharge petition effort to circumvent leadership and force a floor vote on a full congressional stock trading ban.
Luna, in a promising sign for Johnson, said in an interview last week she supports the current legislation pending before the House Administration Committee because it would force a "disgorgement" period.
However, even if the new bill is able to get through the Republican-controlled House, it would face a GOP Senate majority so narrow that at least some Democratic support is required to advance most legislation to a final vote.
Last July, Sen. Josh Hawley (R-Mo.) voted with all Democrats on the Senate Homeland Security and Governmental Affairs Committee to advance another bill that would bar federal politicians from holding or trading stocks. To win over Hawley, Democrats had to agree to a carveout for President Donald Trump. As Business Insider noted Monday, "It has yet to receive a floor vote."
Like the House Democrats, Christina Harvey, executive director of the progressive advocacy group Stand Up America, was critical of the lower chamber's GOP leadership on Monday, saying that "Speaker Johnson is trying to trick the American people into thinking House Republicans are actually doing something to stop corruption in Washington, but this proposal is a congressional stock trading ban in name only."
"If Speaker Johnson really cared about stopping members of Congress from using their offices for financial gain, he would bring the comprehensive, bipartisan Restore Trust in Congress Act to the floor," Harvey declared. "The American people should have confidence that their leaders are serving the public’s interests in every vote—not their wallets."
Campaign Legal Center vice president, general counsel, and senior director for ethics Kedric Payne similarly said that "any legislation that allows lawmakers to hold onto their existing stocks is too narrow to address Americans' real concern that elected lawmakers may make official decisions to benefit their pocketbooks instead of the public good. A bill that also bans trading by the president and vice president, meanwhile, is too broad because it undermines the chances of passing the reform voters care most about: stock trading by members of Congress."
"Thankfully, there is a proposal on the table that strikes the balance for this moment: the Restore Trust in Congress Act," Payne added. "This consensus legislation was crafted during months of negotiations by lawmakers on both sides of the aisle. It has more than enough support to pass, and it would make a significant improvement to our nation’s government ethics laws. Campaign Legal Center calls on Congress to return its focus to this bipartisan bill and set an example for the other branches of our government."
This article was updated with comment from Stand Up America and the Campaign Legal Center.
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Watchdogs Welcome House Introduction of Congressional Stock Trading Ban
"As long as sitting lawmakers are allowed to trade stocks connected to the industries they oversee, the public will question whether they are prioritizing their own personal profits," said one campaigner.
Sep 03, 2025
Government watchdog groups on Wednesday cheered the bipartisan introduction of the Restore Trust in Congress Act, which would ban federal lawmakers, along with their spouses and children, from trading individual stocks.
"The legislation would require lawmakers to sell all individual stocks within 180 days," according to NPR. "Newly elected members of Congress would also have to divest of individual stock holdings before being sworn in. Members who fail to divest would face a fine equivalent to 10% of the value of the stock."
The bill's lead supporters in the House of Representatives span the full ideological spectrum: Reps. Tim Burchett (R-Tenn.), Brian Fitzpatrick (R-Pa.), Pramila Jayapal (D-Wash.), Anna Paulina Luna (R-Fla.), Seth Magaziner (D-Pa.), Alexandria Ocasio-Cortez (D-N.Y.), and Chip Roy (R-Texas).
"In a strong display of bipartisanship, leaders from both sides of the aisle in the House have worked together to produce a comprehensive and commonsense legislative measure to ban congressional stock trading," said Craig Holman, government affairs lobbyist with the group Public Citizen, which is endorsing the bill.
"These members worked for months in drafting a strong consensus bill that addresses all the key elements of an effective ban on congressional stock trading," he continued, welcoming that the prohibition applies to immediate family members and "covers a wide range of investments, including cryptocurrency, and is fortified with strong enforcement measures."
Brett Edkins, managing director of policy and political affairs at the progressive advocacy group Stand Up America, also applauded the bill, highlighting that "our representatives in Washington have access to an enormous amount of information about our economy that isn't available to the public."
"They should not be allowed to use what they learn in the course of their legislative duties to gain an unfair advantage and enrich themselves," he said. "It's time to ban sitting members of Congress from buying and selling stocks. Members of Congress cannot be trusted to police themselves, and existing ethics laws do not go far enough to prevent members from using their insider knowledge for personal gain."
Lawmakers behind this new proposal have long advocated for a full ban, arguing that existing protections—including those in the Stop Trading on Congressional Knowledge (STOCK) Act of 2012—are inadequate.
Advocacy groups, including the Campaign Legal Center, have also "been fighting for years to improve laws regulating the way members of Congress trade stocks," noted Kedric Payne, CLC's vice president, general counsel, and senior director for ethics.
"As long as sitting lawmakers are allowed to trade stocks connected to the industries they oversee, the public will question whether they are prioritizing their own personal profits over the public interest," Payne said. "We applaud this bipartisan legislation that incorporates the key provisions of stock act reform CLC has fought to advance—a ban on stock ownership that is enforceable and holds lawmakers accountable."
Jamie Neikrie, legislative director at the political reform group Issue One, pointed out Wednesday that "three years have passed since House leadership made a commitment to bring a congressional stock trading ban bill to the floor for a vote."
"It's time to get this much-needed reform across the finish line—no more excuses," Neikrie declared. "Members of Congress have a responsibility to hold themselves to the highest ethical standards, and passing the Restore Trust in Congress Act is how Congress shows it's serious about restoring trust and integrity in government."
"Today is a critical step for a more transparent and stronger institution," he added, urging "leadership in both chambers to seize this moment" and send the bill to President Donald Trump's desk.
Earlier this summer, Trump lashed out at Sen. Josh Hawley (R-Mo.), who worked with Democrats to advance out of committee a stock trading ban, claiming that "he is playing right into the dirty hands of the Democrats."
Hawley initially called his proposal the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act—a nod to former House Speaker Nancy Pelosi (D-Calif.), whose husband's stock trading has drawn scrutiny. After Hawley worked with Democrats on the bill, it was renamed the Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act.
After the Senate Homeland Security and Governmental Affairs Committee's July vote, Pelosi said that "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. 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. I strongly support this legislation and look forward to voting for it on the floor of the House."
Meanwhile, Fox News' Jesse Watters at the time asked Hawley about Trump lashing out at him. The Senate Republican responded, "I had a good chat with the president earlier this evening, and he reiterated to me he wants to see a ban on stock trading by people like Nancy Pelosi and members of Congress, which is what we passed today."
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GOP Congressman Cashed Out Hospital Investments Before Voting for Biggest Medicaid Cut in History
"Congressman Bresnahan didn't just vote to gut Pennsylvania hospitals. He looked out for his own bottom line before doing it," said one advocate.
Aug 18, 2025
Congressman Rob Bresnahan, a Republican who campaigned on banning stock trading by lawmakers only to make at least 626 stock trades since taking office in January, was under scrutiny Monday for a particular sale he made just before he voted for the largest Medicaid cut in US history.
Soon after a report showed that 10 rural hospitals in Bresnahan's state of Pennsylvania were at risk of being shut down, the congressman sold between $100,001 and $250,000 in bonds issued by the Allegheny County Hospital Development Authority for the University of Pittsburgh Medical Center.
The New York Times reported on the sale a month after it was revealed that Bresnahan sold up to $15,000 of stock he held in Centene Corporation, the largest Medicaid provider in the country. When President Donald Trump signed the so-called One Big Beautiful Bill Act into law last month, Centene's stock plummeted by 40%.
Bresnahan repeatedly said he would not vote to cut the safety net before he voted in favor of the bill.
The law is expected to cut $1 trillion from Medicaid over the next decade, with 10-15 million people projected to lose health coverage through the safety net program, according to one recent analysis. More than 700 hospitals, particularly those in rural areas, are likely to close due to a loss of Medicaid funding.
"His prolific stock trading is more than just a broken promise," said Cousin. "It's political malpractice and a scandal of his own making."
The economic justice group Unrig the Economy said that despite Bresnahan's introduction of a bill in May to bar members of Congress from buying and selling stocks—with the caveat that they could keep stocks they held before starting their terms in a blind trust—the congressman is "the one doing the selling... out of Pennsylvania hospitals."
"Congressman Bresnahan didn't just vote to gut Pennsylvania hospitals. He looked out for his own bottom line before doing it," said Unrig Our Economy campaign director Leor Tal. "Hospitals across Pennsylvania could close thanks to his vote, forcing families to drive long distances and experience longer wait times for critical care."
"Not everyone has a secret helicopter they can use whenever they want," added Tal, referring to recent reports that the multi-millionaire congressman owns a helicopter worth as much as $1.5 million, which he purchased through a limited liability company he set up.
Eli Cousin, a spokesperson for the Democratic Congressional Campaign Committee, told the Times that Bresnahan's stock trading "will define his time in Washington and be a major reason why he will lose his seat."
"His prolific stock trading is more than just a broken promise," said Cousin. "It's political malpractice and a scandal of his own making."
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Senate Advances Bill Banning Politicians From Stock Trading—While Giving Trump a Big Carveout
"Voters have a right to know that their elected representatives are acting in the public's best interest and are not motivated by their personal financial interests," said the general counsel at the Campaign Legal Center.
Jul 30, 2025
The Senate Homeland Security and Governmental Affairs Committee on Wednesday narrowly voted in favor of advancing a bill that bars politicians at the federal level from trading stocks—with one highly notable exception.
As reported by Politico, Sen. Josh Hawley (R-Mo.) joined with all Democrats on the committee to advance a bill to ban stock trading by elected officials. However, to get Hawley's vote, Democrats had to agree to create a carveout for U.S. President Donald Trump and to apply the stock-trading ban only to future presidents.
Business Insider reported that, as written, the legislation "would ban members of members of Congress, the president, and the vice president from buying stocks immediately upon enactment, and would block them from selling stocks beginning 90 days after that."
"It would then require lawmakers to divest entirely from their stock holdings at the beginning of their next term, and it would require the president and vice president to do so beginning in 2029—after President Donald Trump's current term," the outlet explained.
Hawley took heat from fellow Republicans on the committee for advancing the legislation, including Sen. Rick Scott (R-Fla.), who accused his Missouri colleague of demonizing the wealthy.
"I don't know when in this country it became a negative to make money," said Scott. "How many of you don’t want to make money? Anybody want to be poor?"
Sen. Elissa Slotkin (D-Mich.) said that she wished that the law didn't have a carveout for Trump, but nonetheless supported advancing the bill and she described herself as "willing to make the good work instead of waiting for the perfect."
The bill's advancement out of committee earned plaudits from some government reform advocates. Craig Holman, a government affairs lobbyist with Public Citizen, encouraged the full U.S. Senate to take up a vote on the package while also explaining the proposed legislation's importance.
"Members of Congress frequently have access to nonpublic information about economic and business trends and are in a position of power to influence those trends," he said. "That is why the American public—Republicans, Democrats and Independents alike—has called for this type of legislation ever since a series of insider trading scandals erupted over the last several years."
Kedric Payne, the vice president and general counsel at the Campaign Legal Center (CLC), similarly praised the bill's advancement while also explaining why current transparency rules were no longer adequate.
"To prevent corruption and conflicts of interest, CLC has long called on Congress to update the STOCK Act, which merely requires members to disclose their transactions, and fully ban stock trading by sitting legislators," said Payne. "In the absence of these stronger rules, we've seen congressional stock trading proliferate. This has led to repeated examples of ethical violations and questionable financial activity, including during global health emergencies and times of great economic uncertainty."
Payne further emphasized that "voters have a right to know that their elected representatives are acting in the public's best interest and are not motivated by their personal financial interests."
The legislation advanced by Hawley and the Democrats was originally named after Rep. Nancy Pelosi (D-Calif.), the former speaker whose highly profitable stock trades have come under scrutiny in recent years.
Even though the bill has now made its way out of committee, it still faces an uncertain future in the full U.S. Senate where Republicans currently hold a 53-47 majority and where Democrats would need to win over some additional Republican converts on top of Hawley. And even should it pass the Senate, it's uncertain whether the legislation would be able to pass the Republican-controlled House of Representatives.
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'Evil and Cruel': GOP Lawmaker Shamed for Unloading Medicaid-Related Stock Before Voting to Gut Program
"Their bill will gut Medicaid and kill people, and they know it," said Rep. Delia Ramirez (D-Ill.).
Jul 03, 2025
Republican Congressman Robert Bresnahan of Pennsylvania got publicly shamed by many of his congressional colleagues on Thursday after it was revealed he unloaded a Medicaid-related stock before voting for a massive budget package that enacted historically devastating cuts to the program.
Quiver Quantitative, an investment data platform that tracks stock trades made by politicians and other prominent public figures, revealed on its X account that Bresnahan recently sold shares he'd owned in Centene Corporation, a for-profit firm that specializes in delivering healthcare exchanges for Medicaid. In the weeks since he sold his shares in the company, their value plunged by more than 40 percent.
Quiver Quantitative added that while Bresnahan claims not to manage his own stock portfolio, he does not appear to have set up a qualified blind trust that would eliminate potential conflicts of interest between his investments and his work as a member of Congress.
Regardless, many of Bresnahan's Democratic colleagues reacted with fury and disgust to revelations that the Centene shares were dropped before he voted for a bill that will slash more than $1 trillion from Medicaid and the Children's Health Insurance Program (CHIP) over the span of a decade.
"This Congressman literally dumped stock in a Medicaid provider company right before this bill came to the floor," wrote Rep. Melanie Stansbury (D-N.M.) on X. "Don't be fooled—these guys know exactly what they're doing."
"Wow," marveled Rep. Maxwell Frost (D-Fla.). "So he votes to gut Medicaid and throw 17 million people off of their healthcare and then dumps his Medicaid related stock to cover his own ass? That's just evil and cruel."
"If the Big Ugly Nasty Bill doesn't hurt Medicaid, why are Republicans selling their Medicaid-associated stocks?" asked Rep. Delia Ramirez (D-Ill.). "Their words say one thing, their actions another. Their bill will gut Medicaid and kill people, and they know it."
Sen. Elizabeth Warren (D-Mass.) ripped Bresnahan for "protecting his stock portfolio while ripping away health care from 17 million Americans" with his vote to gut Medicaid.
"This is Washington at its worst," she added. "We need to ban Congressional stock trading."
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Analysis Shows US Lawmakers Traded Up to $113 Million in Arms Stocks This Year
"If Congress wants to wash itself of conflicts of interest it can start by passing a stock trading ban."
Dec 26, 2024
Dozens of U.S. lawmakers and their families bought or sold up to $113 million worth of shares in top Pentagon contractors this year, an analysis published on Wednesday revealed.
The Quincy Institute for Responsible Statecraft found that at least 37 members of Congress and their relatives traded between $24-113 million worth of stock in companies listed on Defense and Security Monitor's Top 100 Defense Contractors index.
As the Quincy Institute noted: "Eight of these members even simultaneously held positions on the Armed Services and Foreign Affairs Committees, the committees overseeing defense policy and foreign relations. Members of Congress that oversee the annual defense bill and are privy to intelligence briefings have an upper hand in predicting future stock prices."
The analysis found that one Democratic congressman accounted for the vast bulk of defense stock trading in 2024.
Rep. Josh Gottheimer of New Jersey traded at least $22 million and as much as $104 million worth of shares in companies on the index, including Microsoft, Northrop Grumman, and IBM. Gottheimer—who said his trades are handled by a third-party firm—sits on both the House Permanent Select Committee on Intelligence and the National Security subcommittee of the Committee on Financial Services.
(Image: Quincy Institute for Responsible Statecraft/Datawrapper)
Next on the list in distant second place is former House Speaker Nancy Pelosi (D-Calif.), who has defended stock trading by lawmakers, and according to Quincy, "sold over $1 million worth of Microsoft stock in late July."
"The timing of Pelosi's Microsoft trades in the past have garnered attention, too; in March 2021, she bought Microsoft call options less than two weeks before the Army announced a $22 billion contract with the software company to supply augmented reality headsets," the analysis states.
"Pelosi had the most profitable 2024 of any lawmaker, netting an estimated $38.6 million from all stock trading activity, according to Quiver Quantitative," the report adds.
Pelosi was followed by Reps. Suzan DelBene (D-Wash.), Scott Franklin (R-Fla.), and Thomas Keane Jr. (R-N.J.).
The Quincy Institute asserted: "If Congress wants to wash itself of conflicts of interest it can start by passing a stock trading ban. The Ending Trading and Holdings in Congressional Stocks Act, or ETHICS Act, would prohibit members of Congress from trading individual stocks."
The ETHICS Act was approved by the Democrat-controlled Senate Committee on Homeland Security and Government Affairs in July. The full Senate—which will be GOP-controlled starting next month—has yet to vote on the bill.
Earlier this month, U.S. President Joe Bide n was applauded by progressive lawmakers for backing a ban on congressional stock trading and asserting that "nobody in the Congress should be able to make money in the stock market while they're in the Congress."
On Monday, Biden signed the $895 billion Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025. As Sen. Bernie Sanders (I-Vt.) has highlighted, "Of that nearly $1 trillion dollars... about half will go to a handful of hugely profitable defense contractors."
Congresswoman Rashida Tlaib (D-Mich.) decried both the enormity of the military budget, as well as the fact that some of her colleagues have profited from investments in the military-industrial complex.
Tlaib has introduced the Stop Politicians Profiting from War Act, which would ban members of Congress, their spouses, and their dependent children from trading defense stocks or having financial interests in companies that do business with the U.S. Department of Defense.
In 2012, Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act, legislation that has been panned as
weak and ineffective.
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Bipartisan Group of Senators Announces Deal to Ban Stock Trading in Congress
"If you want to serve in Congress, don't come here to serve your portfolio, come here to serve the people," said a Democrat leading the effort.
Jul 10, 2024
A small, bipartisan group of U.S. senators on Wednesday announced a proposal to ban trading of individual stocks by members of Congress and certain of their immediate family members, drawing praise from watchdog groups.
Sens. Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Gary Peters (D-Mich.), and Josh Hawley (R-Mo.) brought forth the bill, which would tighten rules on holdings of individual stocks and establish what Merkley described as "huge" penalties for noncompliance—the equivalent of a member's monthly salary, or 10% of the value of the improper investment, whichever is greater.
"If you want to serve in Congress, don't come here to serve your portfolio, come here to serve the people," Merkley told National Public Radio.
In response to the announced deal, Citizens for Responsibility and Ethics in Washington, a watchdog group, wrote on social media: "Great news. Let's get it done!"
Couldn't agree more 🎉 https://t.co/cDVPkti4Zm
— Citizens for Ethics (@CREWcrew) July 10, 2024
The American public, across the political spectrum, overwhelmingly supports banning stock trading by members of Congress, as a University of Maryland poll showed last year.
Members of Congress have access to a great deal of insider information, or at least publicly unavailable information, that they can use to trade advantageously. They significantly beat the market in 2023, according to a watchdog report.
U.S. lawmakers have hesitated to rein themselves in. Several proposals to restrict the trading have been put forth in recent years, though no bill has made it all that far. Assessing the chance of success at an effort last year, Politico said, "Don't hold your breath."
Congress did pass the Stop Trading on Congressional Knowledge (STOCK) Act in 2012, but that law is widely considered weak and ineffective.
Some Democrats tried to push through reforms to the STOCK Act when they controlled both houses of Congress and the presidency in 2022, but they were stymied by the top two House Democrats at the time, then-Speaker Nancy Pelosi (D-Calif.) and then-Majority Leader Steny Hoyer (D-Md.), who expressed opposition to reform of the act.
Pelosi, whose husband Paul Pelosi trades stocks, said during that congressional cycle that the U.S. was a "free-market economy" and members of Congress should be able to "participate in that."
Pelosi was one of the inspirations for what The Washington Post recently called "tongue-in-cheek financial products." The investment vehicles copy the holdings of well-known members of Congress by buying and selling the same stocks they are buying, per public disclosures. Members of Congress can make the disclosures anytime within 45 days of a trade, so the vehicles can't trade along with them in real time. Autopilot, an app, has a popular vehicle called the Pelosi Tracker, according to The New Yorker.
Attempts at reform haven't fallen on neatly partisan lines—Rep. Matt Gaetz (R-Fl.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) teamed up last year—but have been largely pushed by Democrats.
Wednesday's announced proposal comes under the same name, the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, as a bill introduced by Merkley in April 2023. However, if it's the same bill, it appears to have been modified in negotiations with the other three senators, as media descriptions don't seem to match the text of last year's bill.
Hawley's inclusion in the group is notable—last year's bill had gathered the support of 23 senators, but no Republicans. At the time, Hawley criticized ETHICS for being too full of exemptions, and was pushing a similar bill he'd named the PELOSI Act. Ossoff also had his own effort to ban insider trading on Capitol Hill last year.
But now the senators have joined forces.
The newly announced ETHICS Act would require members of Congress, as well as their spouses and dependent children, to divest from holdings in individual stocks and place them in mutual funds. The law would apply to the U.S. president and vice president. It would also establish a publicly searchable database for all disclosures. It would go into effect in 2027, according to media reports.
The Senate Homeland Security and Governmental Affairs committee, chaired by Peters, is scheduled to mark up the bill on July 24.
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