After hours of debate, committee approves measure to limit members' stock trading, adopts modification on presidential treatment

The Senate Homeland Security and Governmental Affairs Committee on March 12 voted 8–7 to approve a substitute for legislation commonly referred to in the transcript as the "Pelosi Act," a measure that would prohibit elected officials from buying and selling individual stocks while in office and require divestiture timelines for incumbents.

Senator Hawley (Senator) introduced the measure as an effort to stop members of Congress from profiting on information that is not publicly available. "86% of Americans say that members of Congress should not be able to buy and sell shares of stock, individual stock, while they are members of this body," Hawley said during floor debate, according to the transcript.

Why it matters: supporters said the measure would restore public trust and stop trading they described as driven by access to privileged information; opponents argued the bill would impose onerous divestiture requirements, disadvantage candidates with private‑sector backgrounds and raise practical enforcement questions about illiquid assets, blind trusts and certain digital assets.

What the committee did: the committee adopted a modification to the substitute (roll call recorded in the transcript as yeas 8, nays 6) that changed how the bill treats the president and related divestiture timing. The committee then considered and rejected several amendments, including an amendment to require a GAO/Inspector General report focused on a single lawmaker's trading and subsequent second‑degree proposals, and…