Sen. Josh Hawley (R-MO) reintroduced legislation Monday during the current 119th U.S. Congress that would ban members of Congress and their family members from trading or holding stocks.

The bill, titled the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, would amend chapter 131 of title 5 of the U.S. Code to prohibit transactions involving certain financial instruments by lawmakers. It takes direct aim at insider corruption that has fueled public distrust of Congress for years.

The PELOSI Act, a not-so-subtle nod to former House Speaker Nancy Pelosi (D-CA), was originally introduced by Hawley in January 2023 but failed to gain enough traction. Hawley’s renewed push signals that, in the current political climate, the demand for congressional accountability is only growing louder.

Under the terms of the PELOSI Act, lawmakers and their spouses would be banned from holding, purchasing, or selling individual stocks for the entire duration of their time in office. They would have 180 days after passage to comply.

Lawmakers who refuse to comply would be forced to forfeit any stock profits to the U.S. Department of the Treasury. They would also face hefty monetary penalties, a measure Hawley says is crucial to restoring public trust.

“Members of Congress should be fighting for the people they were elected to serve — not day trading at the expense of their constituents,” Hawley said in a statement. “Americans have seen politician after politician turn a profit using information not available to the general public. It’s time we ban all members of Congress from trading and holding stocks and restore Americans’ trust in our nation’s legislative body.”

The controversy over congressional stock trading is hardly new. Public outrage spiked after disclosures revealed that some lawmakers made suspiciously well-timed trades during the COVID-19 pandemic and economic shutdowns. Both Republicans and Democrats have faced scrutiny, but few names have become as synonymous with the scandal as Nancy Pelosi.

Breitbart News previously reported in 2023 that Hawley introduced the PELOSI Act after a major controversy involving Pelosi’s husband, Paul Pelosi, who bought up to $5 million worth of stock in a semiconductor company just as the Senate passed legislation massively subsidizing the semiconductor industry.

Although Pelosi has long denied any wrongdoing, the perception that powerful lawmakers and their families use inside knowledge for personal enrichment has badly damaged the public’s faith in Congress.

In an interview with Time magazine, President Donald Trump was asked if he would support a ban on congressional stock trading. Trump responded that he would “absolutely” sign such legislation if it reached his desk.

“Well, I watched Nancy Pelosi get rich through insider information, and I would be okay with it,” Trump said. “If they send that to me, I would do it.”

Public sentiment on the issue is overwhelmingly clear. Multiple polls in recent years have found that more than 75% of Americans — across party lines — support banning members of Congress from trading stocks while in office. Even left-leaning outlets like The New York Times have acknowledged the growing calls for reform.

Despite the overwhelming public support, legislative efforts have stalled repeatedly. Critics accuse entrenched political interests of protecting their lucrative side deals, even as everyday Americans face financial uncertainty.

By reintroducing the PELOSI Act, Hawley is forcing the issue back into the national spotlight — and daring his colleagues to either side with transparency or with personal profit.

Whether the bill can actually make it through a divided Congress remains to be seen. But one thing is clear: the fight over congressional stock trading is far from over.

If passed, the PELOSI Act could mark one of the most significant ethics reforms Washington has seen in decades — and deal a major blow to the political elite who believe the rules don’t apply to them.