Latest news with #SenateHomelandSecurityandGovernmentAffairsCommittee
Yahoo
31-07-2025
- Business
- Yahoo
Senate bill to ban lawmaker stock trading moves step forward – and Trump turns on Hawley
Missouri Republican Sen. Josh Hawley voted with Democrats Wednesday to advance his bill to ban US lawmakers from stock trading, over the opposition of other Republicans on the panel and drawing the ire of President Donald Trump. The question of whether lawmakers should be allowed to trade stocks has sparked contentious debate in the halls of Congress. The bill clearing the Senate Homeland Security and Government Affairs Committee is the latest sign of growing momentum for enacting a ban on the practice, though it is not yet clear whether the full Senate will weigh in on the measure. The bill sparked wide-ranging debate during the at-times contentious meeting, including over the reach it would have into the executive branch and whether it would discourage individuals from running for Congress in the future. Hawley, who has been working on the effort for years, told reporters after the vote, 'What the White House wanted was that the president, the vice President not be covered, they're not, their offices are, but it will be the next office holders,' though he said the White House did not speak to him directly about their concerns. 'Given the concern that some of my colleagues said that they had heard about [the] White House saying, 'Well, we're not sure how this will play, how it will work with the president and the vice president,' I just said, 'Fine, let's just, if that's going to be an obstacle, I don't want something that's dead on arrival.' So I proactively said, 'Let's just make the effective date the date at the beginning of the next term for everybody,' members of Congress and the president, vice president,' Hawley said. 'And that effectively means that President Trump is excluded. And you know, you've heard the Democrats say, like they didn't love that part of it, but they want to get a – they want to get a result, and I want to get a result.' Asked about the bill later, Hawley said, 'The trading ban would be, would affect – go into effect 90 days for everybody. Yeah, but my understanding from colleagues of mine who talked to [the Office of Legislative Affairs] was that they were, the White House wanted some clarity on the divestiture piece, and so it wouldn't apply to him or the vice president.' Still, Hawley's alignment with Democrats in the vote prompted anger from Trump, who called him 'second-tier.' 'I don't think real Republicans want to see their President, who has had unprecedented success, TARGETED, because of the 'whims' of a second-tier Senator named Josh Hawley!' Trump posted on Truth Social Wednesday. Earlier in the day, Trump had appeared to signal an openness to the measure but said he would have to review the specifics. 'This just happened, so I'll take a look at it, but conceptually, I like it,' Trump told reporters. Asked about Trump's Truth Social post, Hawley said, 'I haven't talked to him yet about it. I mean, I want to get into a place where he supports this, because if he doesn't, it's just not going to go anywhere. And I want to see this get enacted into law.' 'If he just says, 'I want to veto this,' then that will just be it. So I don't want that.' Several Republican senators got into tense exchanges during the committee meeting, debating a range of issues related to the measure. Sen. Rick Scott strongly criticized Hawley's bill, saying, 'How many people in the audience want to be poor, how many of you don't want to make money? Anybody want to be poor? I don't. The idea that we're going to attack people who make money is wrong.' Sen. Ron Johnson slammed the bill as 'legislative demagoguery' and argued that a ban would discourage people from the private sector from running for Congress. Johnson later said 'have there been abuses? Yeah…but again this is self-flagellation, this is blowing something way out of proportion like there's all kind of corruption, all kinds of insider deals trading all kinds of insider information, and yet I can't think of one time that I heard something in a secure briefing or some piece of information and I said 'Hey I can make money off of this one?'' Asked after the meeting about the concerns expressed by his Republican colleagues, Hawley said, 'They don't want to ban stock trading. I just think that's a mistake.' Senate Majority Leader John Thune said he's doubtful his leadership team will put the bill on the Senate floor for a full vote, noting that Hawley was the only Republican to vote for it in the committee. CNN's Lauren Fox contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fox News
30-07-2025
- Business
- Fox News
Congressional stock trading ban passes through committee as Hawley denies reports of White House pushback
A long-awaited stock trading ban passed through the Senate Homeland Security and Government Affairs Committee on Wednesday, with committee Democrats joining with the bill's sponsor, Sen. Josh Hawley, R-Mo., to send the bill to the floor of the Senate. Hawley originally introduced the "PELOSI Act" earlier this year, but what ultimately passed through the dizzying committee markup process on Wednesday was the Honest Act. Both pieces of legislation ban all members of Congress and their spouses from trading stocks while in office, in addition to closing various loopholes around direct trades. The critical difference between the two bills is that the Honest Act also bans the president and vice president from making trades while in office. That provision wouldn't go into effect until after President Donald Trump and Vice President JD Vance leave office, however. Media reports Wednesday morning claimed that the White House had pushed back on that provision once they caught wind of it, but Hawley told Fox News Digital in an interview that he never heard any such messaging from the administration and "certainly not from Trump." Hawley was the sole Republican on the committee to vote in favor of the bill, despite a former co-sponsor of the PELOSI Act, Sen. Bernie Moreno, R-Ohio, sitting on the committee as well. Trump reacted to the Hawley bill's progress during a Wednesday press conference. He reiterated his support for a congressional stock trading ban, but declined to endorse the legislation outright. He did not comment directly on the ban's inclusion of the top executive offices. "I like it conceptually," Trump said of the bill. "I don't know about it, but I like it conceptually and, you know, Nancy Pelosi became rich by having inside information. She made a fortune with her husband. And I think that's disgraceful. So in that sense, I'd like it, but I'd have to really see. I'd have, you know — I study these things very carefully, and this just happened. So I'll take a look at it. But conceptually, I like it." A source familiar with Wednesday's negotiations told Fox News Digital that Hawley negotiated with Democrats while keeping Republicans in the dark, citing multiple pieces of legislation that crossed lawmakers' desks Monday morning that each had different versions of the ban. Hawley faced staunch criticism from his Republican colleagues during the markup process. "I have no idea what we're voting for," Moreno said. "I have not read the mountains of paper that are sitting in front of me." Sen. Rick Scott, R-Fla., one of the wealthiest members in Congress, remarked, "I don't know when in this country it became a negative to make money." "I don't mind anyone being rich. I mind people getting rich while they're here and trading stocks," Hawley responded. Following the hearing, reporters asked Hawley about the criticism from his Republican colleagues more broadly. "They don't want to ban stock trading. I just think that's a mistake," he responded. Current GOP versions of the stock trading ban moving through the House of Representatives do not include the president and vice president. Hawley's ban would prohibit lawmakers, the president, vice president and their spouses from holding, purchasing or selling stocks for the duration of their time in office. Officeholders would be allowed to invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds while in office. If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected lawmakers must achieve compliance within 180 days of entering office. The legislation would not apply to the executive offices until the end of Trump and Vance's term.
Business Insider
30-07-2025
- Business
- Business Insider
A congressional stock trading ban just got closer to becoming law
A bill to ban politicians from trading stocks in office moved one step closer to a vote — but only after an hour of intense argument and insults between Republicans. The Senate Homeland Security and Government Affairs Committee passed the bill on an 8-7 vote. All Democrats voted for it, while every Republican voted against it except one: Josh Hawley of Missouri, who sponsored the bill. The legislation is broadly similar to a bill that passed the same committee last summer, but never received a Senate floor vote. This version 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. It also would not allow for blind trusts, which sets it apart from other similar bills. "I think we have to accept that the American people think that all of us, Democrats and Republicans, are using our positions and our access to enrich ourselves," Democratic Sen. Elissa Slotkin of Michigan said during the hearing. "People don't believe that we are here for the right reasons. We have a problem." It is unclear when or if the bill would become law — the next step would be a Senate vote. Senate Majority Leader John Thune has said that he believes current disclosure laws are sufficient, while House Speaker Mike Johnson has expressed cautious support for a ban. Trump has said that he would sign a congressional stock trading ban into law. The bill ultimately passed despite the furious objections of several GOP senators on the committee — and tense intraparty debate. Sen. Ron Johnson of Wisconsin, who was the CEO of a plastics manufacturing company before he was elected to the Senate, argued that the stock divestiture requirements would discourage businesspeople from seeking federal office. "We make it very unattractive for people to step up to the plate," Johnson said. "This piece of legislation, really, it's legislative demagoguery." Sen. Rand Paul of Kentucky, the chairman of the committee, said that existing laws banning insider trading and requiring stock trade disclosures were sufficient, calling Hawley's bill a "solution looking for publicity." Another key issue was how the bill would apply to the president and vice president — it would block them from buying and selling stocks, but wouldn't force them to divest any holdings during their current terms. Trump owns individual stocks, while Vance divested from his individual stock holdings during his Senate tenure. Paul argued that the bill would "protect Donald Trump" by not requiring divestiture before 2029, arguing that provision demonstrated that the bill was "crummy." Meanwhile, Sen. Rick Scott of Florida said the bill was an attack on Vance and Trump. "Trump has gone through unbelievable hell," Scott told reporters after the hearing, referring to his indictments and impeachments. He said the bill would "allow the Democrats to go after the President of the United States." Much of the hearing was taken up by Hawley sparring with fellow Republicans on the committee. After Scott raised a question about a provision of the bill applying to illiquid assets, Hawley snapped back at him, pointing out that he supported last year's bill. "It's the same one you voted for last year," Hawley said. At one point, during a tense exchange with Sen. James Lankford of Oklahoma over the bill's elimination of blind trusts, Hawley made a passing reference to Scott's wealth. "I practice what I preach. I don't have individual stocks, I don't trade in stocks," Hawley said as Scott sat beside him. "I'm not a billionaire, unlike others on this committee." Scott, worth hundreds of millions of dollars, is one of the wealthiest members of Congress. Minutes later, he said it was "disgusting" to criticize lawmakers for their wealth. "I don't know when in this country it became a negative to make money," Scott said as he described his modest upbringing. "This idea that we're going to attack people because they make money is wrong. It's absolutely wrong."
The Hill
24-07-2025
- Politics
- The Hill
Senate punts on Ingrassia, controversial nominee to lead Office of Special Counsel
A Senate panel punted its consideration of Paul Ingrassia amid concerns about the controversial nominee to lead the Office of Special Counsel. Ingrassia was slated for a confirmation hearing Thursday before the Senate Homeland Security and Government Affairs Committee (HSGAC), but his name was quietly removed from the agenda. Ingrassia, a former podcast host, has made a series of controversial remarks praising right-wing figures and the events of Jan. 6, 2021. 'I'm relieved to see that Paul Ingrassia, the nominee to run the Office of Special Counsel, has been pulled from today's hearing. The Office of Special Counsel is an independent, nonpartisan agency that investigates allegations of prohibited personnel practices involving federal employees, including whistleblower retaliation,' Sen. Gary Peters (D-Mich.), the top Democrat on the committee, said during his opening remarks. 'Mr. Ingrassia is unqualified for the position, both in terms of legal experience and given his long record of bigoted statements. And I urge the administration to formally withdraw his nomination.' A White House official said they do not plan to do so. 'Paul Ingrassia is still the nominee and is currently serving in his role as White House Liaison to the Department of Homeland Security. He will spend the next month speaking with Senators and we expect him to be swiftly confirmed. The President has full confidence in him and his ability to lead the Office of Special Counsel,' an administration official told The Hill. In 2020, Ingrassia said it was 'time for @realDonaldTrump to declare martial law and secure his re-election.' He also said in December that President Trump should 'offer reparations to the tune of $1 million per family (at least)' for Jan. 6 defendants. Those remarks run afoul of a pledge by Sen. Thom Tillis (R-N.C.), who said he plans to oppose any Trump nominee that expressed support for Jan. 6. 'The guy's got the exact wrong rap sheet to get my support,' Tillis told The Washington Examiner. "It's January 6th, it's a number of other things. So, I think he's one of these people that's checked all the boxes and they're all the wrong boxes," he told NBC News. 'It's pretty apparent to me he's not ready for prime time, but he's young, he's got plenty of time to learn,' Tillis said. Ingrassia is a former writer for the Daily Caller who graduated from law school in 2021. Beyond his comments on Jan. 6, Ingrassia served on the legal team representing self-described misogynist Andrew Tate, describing him as the 'embodiment of the ancient ideal of excellence' for his 'sheer physical prowess' and being 'sharp as a tack' and full of 'willpower and spirit.' Tate has been charged with human trafficking in Romania as well as rape in the United Kingdom. Ingrassia has also pushed for Nick Fuentes, a far-right activist who has espoused white supremacist and antisemitic views, to be reinstated to Twitter, now known as X, calling it a First Amendment issue in a Substack post. The role of special counsel serves many purposes. It's an office where whistleblowers can file complaints and federal workers can go for help if they feel they've been wrongfully terminated. It also investigates violations of Hatch Act prohibitions on electioneering. Trump fired prior special counsel Hampton Dellinger despite his being confirmed to a five-year term after being nominated by President Biden. During his brief time under the Trump administration, Dellinger challenged the widespread firings of probationary workers hired or promoted within the last year or two. Dellinger launched a legal challenge to remain in his post and was briefly reinstalled by the courts, but he resigned from the role when an appeals court determined he could not stay on the job as the case continued.
Yahoo
25-04-2025
- Business
- Yahoo
Trump says he would ‘absolutely' sign ban on congressional stock trading
President Trump said in an interview published Friday he would 'absolutely' sign legislation to ban congressional stock trading if it reached his desk. 'Well, I watched Nancy Pelosi get rich through insider information, and I would be okay with it. If they send that to me, I would do it,' Trump told Time magazine in an interview about his first 100 days in office. Asked if he would sign such a bill, Trump replied, 'Absolutely.' Former Speaker Nancy Pelosi (D-Calif.) dropped her opposition to legislation banning members of Congress from trading stocks in 2022. Her husband, Paul Pelosi, is an investor who has made significant money off of stock trades. Republicans have also come under scrutiny in recent weeks for their stock trading habits, prompting allegations from Democrats that the president has manipulated the market to benefit his allies. Rep. Marjorie Taylor Greene (R-Ga.), a staunch Trump ally, purchased tens of thousands of dollars' worth of stock the day before the president announced he was pausing sweeping tariffs for 90 days, a move that caused the market to surge. Greene has previously said she relies on a financial adviser to make trades on her behalf. A ban on congressional stock trading has garnered bipartisan support over the years, though never enough to pass both chambers of Congress. The biggest action on the issue came last year when the Senate Homeland Security and Government Affairs Committee advanced the Ending Trading and Holdings in Congressional Stocks Act, which would ban members of Congress, their spouses and dependent children from trading stocks. It did not pass the full Senate, which has since flipped from Democratic to Republican control. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
