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Committee adopts modified ‘Pelosi Act’ banning members from owning individual stocks; modification exempts sitting president from required divestiture
Summary
After extended debate, a Senate committee adopted a substitute and then passed S.1498 (the ‘‘Pelosi Act’’) as modified to prohibit trading in individual stocks by many federal officeholders; the committee adopted a modification that changes how the president is treated and set timelines for divestment for reelected officeholders.
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…
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