Senator Josh Hawley introduces the “PELOSI Act” to prevent legislators from trading stocks.

Senator Josh Hawley (R-Missouri) wants to prevent legislators and their spouses from owning and trading stocks while they are in office by proposing the “PELOSI Law.”

The bill, entitled the Prevent Elected Leaders from Owning Securities and Investments (PELOSI) Act, criticizes its namesake, former House Speaker Nancy Pelosi (D-California).

“Politicians in Washington have been taking advantage of the economic system for which they write the rules for far too long, profiting for themselves at the expense of the American people,” Hawley said.

“As members of Congress, senators and representatives are tasked with overseeing the very companies they invest in, yet they are constantly buying and selling stock, outperforming the market again and again.”

“While Wall Street and the big tech companies are working hand in hand with elected officials to enrich each other, hard-working Americans are paying the price,” Hawley says.

“The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”

The bill gives elected representatives a six-month grace period to either give up their assets or place them in a blind trust for the duration of their tenure.

Pelosi is the wife of Paul Pelosi, an 82-year-old San Francisco venture capitalist whose net worth is said to be over $120 million thanks to his holdings in technology stocks.

Between 2007 and 2020, Pelosi and her husband saw the value of their stock portfolio rise by as much as $30 million.

According to public disclosure forms, the couple has made millions through their ownership of shares in tech giants such as Facebook, Google, Amazon, Apple and Microsoft.

The wealth of Pelosis shares has sparked bipartisan calls to bar lawmakers from trading the stock due to perceived conflicts of interest, given their role in regulating the respective industries.

However, last year Pelosi was one of the few high-profile lawmakers to lose money on stocks as tech stocks lost most of their gains during the pandemic era.

For much of her 20-year tenure in Congress, Pelosi has indicated she will not support a law that would prevent lawmakers from trading stocks.

But the harsh criticism prompted Pelosi to relent and voice his support for a major overhaul of the system.

The Democratic-led Congress seemed poised to vote on the issue, but the issue was shelved shortly before the midterm elections.