President Donald Trump lashed out this week at Senator Josh Hawley (R-Mo.), one of his staunchest Republican allies, after a Senate panel advanced legislation banning members of Congress—and future presidents and vice presidents—from trading stocks.
The bill, originally dubbed the “PELOSI Act” and later renamed the HONEST Act, was designed by Hawley to restrict federal officials and their spouses from owning or trading individual stocks while in office. But a wave of miscommunication over the bill’s provisions triggered Trump to accuse Hawley of betrayal—until the former president was walked through the details.
“I had people telling me I’d be forced to sell Mar-a-Lago. Totally absurd,” Trump reportedly said, prompting what insiders described as a “second-tier” rant against Hawley.
Speaking to Business Insider and The New York Sun, Hawley said Trump’s outburst stemmed from misinformation: “He had a number of people call him and say that the bill had been changed at the last minute to force him to sell Mar-a-Lago and his assets, which is, of course, totally false.” Hawley clarified that the legislation applies only to future presidents and vice presidents, and that Trump himself is exempt.
From “We Love You” to “Second-Tier”
In a fiery Truth Social post, Trump blasted Hawley:
“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!”
But the tone softened after a private meeting. Hawley recounted that after reviewing the bill together, Trump said:
“You’re exonerated, Josh. We love you.”
Who Supports the Bill?
Support for a stock trading ban has gained rare bipartisan momentum:
- In the Senate: Elizabeth Warren (D-MA), Jon Ossoff (D-GA), Steve Daines (R-MT)
- In the House: Alexandria Ocasio-Cortez (D-NY), Chip Roy (R-TX), Anna Paulina Luna (R-FL)
- Even Nancy Pelosi, the bill’s original namesake, came out in support:
“I strongly support this legislation… because of the confidence it instills in the American people.”
Despite this, only Hawley among Republicans supported the bill in committee, where it passed by an 8-7 vote. Other GOP senators balked, calling it anti-capitalist and unfair to wealthy Americans.
Why It Matters
The legislation would prohibit members of Congress, their spouses, and future presidents and vice presidents from owning or trading individual stocks while in office. Critics say it’s long overdue, pointing to years of controversies, including trades by:
- Nancy Pelosi’s husband, Paul Pelosi
- Rep. Mike Kelly’s (R-PA) wife, Victoria Kelly
- Other lawmakers whose trades often coincide with key legislation
While Hawley’s bill originally targeted Pelosi by name, it has since been reframed to gain broader support. The renaming to the HONEST Act was part of a compromise with Senate Democrats.
Will It Pass?
Passage in the full Senate remains uncertain. The chamber is heading into recess, and other priorities—like avoiding a government shutdown and confirming Trump’s mounting list of nominees—loom large. Some Republicans, including Sen. Rick Scott (R-FL), oppose the bill outright:
“This idea that we’re going to attack people because they make money is wrong. It’s absolutely wrong.”
Trump’s Warpath Expands
Trump’s fury over the bill is the latest in a series of attacks on his own party members. Earlier, he targeted Sen. Chuck Grassley (R-IA) for honoring Senate traditions like the “blue slip” process on judicial nominees. Now, his irritation has turned toward what he sees as internal threats to his brand and business holdings.
Still, despite the drama, Trump has voiced some support for the concept:
“Well, I like it conceptually… You know Nancy Pelosi became rich by having inside information.”
What Happens Next?
- Trump remains exempt from the stock ban under the current bill version.
- The bill may face revisions if brought to a full vote.
- Congress returns in September, when Rep. Anna Paulina Luna has promised to force a House vote.
Meanwhile, the White House claims Trump “stands with the American people” on banning insider trades and wants to prevent officials like Pelosi from “ripping off their constituents.”
But with tempers flaring, party fractures deepening, and misinformation swirling, one thing is clear: the politics of profit in Washington are under more scrutiny than ever.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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