After more than three hours of debate, a Senate committee adopted a modified substitute for S.1498 — titled in the hearing the Pelosi Act — and then voted to report the bill as modified. The bill, as discussed, would bar members of Congress and other covered officials from buying or selling individual stock shares while in office and would require divestment or other compliance paths for officeholders by the start of their next term.

Senators debated whether the measure should apply immediately to the president and whether certain assets should be exempted. Senator Hawley (Senator Hawley) argued the public expects members of Congress not to trade individual shares and urged a “yes” vote on the bill. Opponents raised concerns about unintended consequences for small businesses and illiquid assets, the effect on recruiting private‑sector candidates, and enforcement of blind trusts. Senator Paul (Senator Paul) and others said the bill could force owners of illiquid businesses or family land to sell at an inopportune time; Senator Lankford (Senator Lankford), chair of the ethics committee, questioned elimination of qualified blind trusts and pressed for enforcement details.

A central procedural question in the markup was a modification to the substitute that changes how the president is treated. The committee first voted on the modification that would prevent immediate application of certain divestment requirements to the sitting president. That modification passed by voice/roll (announced as yeas 8, nays 6). Multiple secondary amendments were offered and rejected; one proposed study of specific historical trades was defeated, and a separate amendment to exempt the president and vice president also failed. The committee then adopted the Holly substitute as modified (vote announced yeas 8, nays 7) and the committee voted to report the bill as modified (final tally announced yeas 8, nays 7).

Supporters said the bill immediately prohibits trading and gives officeholders a transition period — typically until the beginning of their next term — to divest or come into compliance. Senator Slotkin (Senator Slotkin) and others explained that current blind trusts would be grandfathered for a transition period but the bill, as written in the committee substitute, phases divestment requirements so that current officeholders would have time to comply if reelected. Opponents repeatedly raised that the bill, in practice, would not apply to certain wealthy appointees or to the sitting president under the adopted modification.

The transcript shows several points of procedural confusion and concern among members about timing and the availability of the substitute text and the modification; at least one senator said the substitute was distributed electronically Friday and the modification was provided to most members only upon arrival at the markup. Members requested follow‑up drafting and enforcement guidance from the ethics committee staff and the bill’s sponsors. The committee then moved to nominations.