Trump slams Sen. Hawley over bipartisan stock trading ban proposal

WASHINGTON (AP) — President Donald Trump criticized Senator Josh Hawley, R-Mo., on Wednesday after the senator’s bipartisan proposal to ban stock trading by members of Congress advanced in a committee vote. This marks Trump’s second attack on a Republican senator in two days as he tries to pressure party members into compliance.

Trump had previously disparaged veteran GOP Senator Chuck Grassley of Iowa over a Senate procedural matter related to nominations. In his latest remarks, Trump labeled Hawley a ‘second-rate senator’ and expressed disappointment that Hawley collaborated with Democrats to block an amendment that would have investigated stock trades by Democratic Rep. Nancy Pelosi.

“Why would one ‘Republican,’ Senator Josh Hawley from the Great State of Missouri, join with all of the Democrats to block a review?” Trump questioned. Hawley did not respond immediately to Trump’s statement.

Meanwhile, Hawley’s legislation, in collaboration with the committee’s leading Democrat, Senator Gary Peters of Michigan, received bipartisan approval from the Senate Committee on Homeland Security and Governmental Affairs. This occurred despite opposition from other Republicans, who hold the majority. ‘We have an opportunity here today to do something that the public has wanted to do for decades,’ Hawley stated. ‘And that is to ban members of Congress from profiting on information that frankly only members of Congress have on the buying and selling of stock.’

Concerns have persisted about stock trading among Congress members, particularly as some have profited during their time in office, notably during the COVID-19 pandemic when trading was linked to insider information about the health crisis. Existing insider trading laws often do not address the unique information lawmakers are privy to.

In a joint statement, Hawley and Peters noted that the proposed legislation, dubbed the Honest Act, seeks to prohibit members of Congress, along with the president, vice president, and their spouses, from holding, buying, or selling stocks. If passed, the bill would enforce an immediate ban on stock purchases and impose a 90-day selling prohibition after enactment. Additionally, officials would be required to divest from covered investments at the start of their next term.

“We are one step closer to getting this bill passed into law and finally barring bad actors from taking advantage of their positions for their own financial gain,” Peters remarked.

During the committee’s hearing, tensions escalated as Republicans sought alternative measures. GOP Senator Rick Scott of Florida proposed amendments to exempt the president, vice president, their spouses, and dependent children from the bill. Both proposals were defeated, with Hawley siding with Democrats against them. Senator Ron Johnson of Wisconsin criticized the overall bill, calling it “legislative demagoguery.”

“We do have insider trading laws. We have financial disclosure. Trust me, we have financial disclosure,” Johnson claimed. “So I don’t see the necessity of this.” Trump’s criticism of Hawley comes shortly after a similar admonishment directed at Grassley regarding the Senate’s blue slip custom that influences presidential nominations.

Grassley responded earlier on Wednesday by voicing his offense at the president’s comments.