They named it “PELOSI”!

Josh Hawley — Today, U.S. Senator Josh Hawley (R-Mo.) reintroduced the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, which would ban members of Congress from trading or holding individual stocks. The move comes after President Trump announced he would sign such a bill into law if it crossed his desk.

“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.”

The PELOSI Act would ban lawmakers and their spouses from holding, purchasing or selling individual stocks for the duration of the lawmaker’s time in office. Lawmakers would be allowed to invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds while in office.

If passed, current lawmakers would have 180 days to comply with the legislation. Likewise, newly elected members of Congress would be required to comply within 180 days of taking office.

Members who refuse to comply with the PELOSI Act must forfeit any stock profits to the U.S. Department of the Treasury and face monetary penalties imposed by the House and Senate ethics committees.

Read the full bill language here.