Press Releases

Today, Congressman Mark Alford (MO-04) introduced the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act. The PELOSI Act will stop Members of Congress and their spouses from owning or trading individual stocks.

This follows widespread reports of suspicious transactions associated with public officials that raise concerns members are trading on non-public information. President Trump has announced he would sign such a bill into law if passed by Congress. The Senate version of this legislation is led by Senator Josh Hawley (R-MO).

“As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption,” said Congressman Alford. “Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves. These gross violations of the public trust make clear: we must finally take action to ban members and their spouses from owning or selling individual stocks.”

“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” stated Senator Hawley. “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.”

Read the full text of the legislation here.

Background:

The PELOSI Act bans lawmakers and their spouses from holding, purchasing, or selling individual stocks while in office, but allows investments in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds.

The legislation gives current lawmakers 180 days to comply with the restrictions and allows newly elected members of Congress the same 180-day compliance timeline after taking office.

Violations of the PELOSI Act require the forfeiture of any stock profits to the U.S. Department of the Treasury as well as monetary penalties imposed by the House and Senate ethics committees.

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