4:59Senator Josh Hawley addresses reporters on Capitol Hill in Washington, D.C., July 30, 2025. Elizabeth Frantz/Reuters
Republican Senator Josh Hawley took part in a heated discussion with fellow party members before collaborating with Democrats on the Senate Homeland Security & Governmental Affairs Committee Wednesday to push forward a proposal aimed at prohibiting members of Congress and their spouses from trading or possessing individual stocks. Subsequently, President Donald Trump criticized Hawley for his actions, labeling him a "pawn."
The legislation — dubbed the HONEST Act, which stands for the Halting Ownership of Non-Ethical Securities and Trusts — was recently adjusted to extend the ban on insider trading to include the president and vice president. However, this provision would not be enforced until after Trump and Vice President JD Vance leave their positions.
Hawley aligned with Democrats to pass the bill through the committee with a vote of 8-7. The decision now lies with Senate Majority Leader John Thune regarding whether to present the bill for a vote on the Senate floor.
Hawley spearheaded the initiative to promote this legislation but faced resistance from some of his party colleagues, who argued that certain aspects of the bill would deter business owners from seeking office. Several Republicans also contended that Hawley was criticizing them due to their wealth.
Hawley stated that upon his election, he liquidated his trusts and assets to "practice what I preach."
Senator Josh Hawley addresses reporters on Capitol Hill in Washington, D.C., July 30, 2025.Elizabeth Frantz/Reuters
"I don't have individual stocks. I don't engage in stock trading. I'm not a billionaire — unlike some others on this committee, and I believe the American public is sending us a clear message," Hawley remarked.
Later, Republican Senator Rick Scott, one of the wealthiest members of the chamber, responded to Hawley’s statements.
"I’m not sure how many people in this audience wouldn’t want to earn money. Does anyone wish to be poor?" asked Scott, a longtime businessman and founder of a large healthcare firm. "I certainly don’t."
"Therefore, the notion that we should criticize individuals for making money is incorrect. It is absolutely incorrect. We ought to celebrate all of our diverse backgrounds. Each of us comes from a different background," Scott added.
Sen. Rick Scott proceeds to the Senate Chambers in the U.S. Capitol Building on July 28, 2025, in Washington, D.C.Anna Moneymaker/Getty Images
Numerous Democrats expressed their unity in support of the bill, with Senate Minority Leader Chuck Schumer stating they are "in favor of a stock trading ban."
Hawley — known for his strong Republican stance — found himself in an unusual position of receiving backing from Democrats, with Senator Richard Blumenthal stating, "thanks to Sen. Hawley for championing this cause."
Hawley asserted in his statement that he aimed to "discover where members stand" on the matter.
"Members of Congress should be concentrated on providing results for their constituents, not on investment returns. It's time to ascertain where members stand," he remarked. "We need to restore trust in Congress and prohibit all members from trading and holding stocks."
Several Republican senators have recently indicated their support for Hawley's initiative to implement the stock trading ban.
Republican Senator Roger Marshall expressed on Tuesday, prior to
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