Trump takes a jab at Nancy Pelosi as he pushes congressional stock trading ban, briefly unites Republicans and Democrats

President Donald Trump drew rare bipartisan applause during his State of the Union address when he called for a ban on congressional stock trading, a reform that has gained broad public support in recent years. But the moment quickly turned partisan after Trump singled out former House Speaker Nancy Pelosi, highlighting the political sensitivity surrounding the issue.

Trump declared that “members of Congress cannot profit from trading insider information,” prompting many Democrats to stand and cheer. Public concern over lawmakers’ stock trades intensified during the Covid-19 pandemic, when disclosures revealed several members bought or sold shares while receiving confidential briefings.

Trump targets Pelosi, Democrats react

The mood shifted when Trump asked, “Did Nancy Pelosi stand up?”, reviving Republican criticism of stock trades made by Pelosi’s husband, Paul Pelosi, a venture capitalist.


Financial disclosures showed that Paul Pelosi had made large trades in companies including major technology firms. Critics pointed to the timing of some transactions, such as options trades in semiconductor and tech companies, occurring while Congress was considering legislation affecting those industries.

While Pelosi has faced scrutiny over the optics of those trades, no formal findings have concluded she violated insider trading laws. All transactions were disclosed as required.

Following Trump’s jab at Pelosi, Democratic Representative Madeleine Dean reportedly left the chamber, underscoring Democratic frustration that an ethics proposal had become a pointed political attack.

The STOCK Act of 2012 already prohibits insider trading and requires timely disclosure of trades. However, it does not ban lawmakers from owning or trading individual stocks. The newer proposal goes further by seeking to restrict or prohibit members of Congress, their spouses and dependent children, from trading individual stocks while in office.

A separate bipartisan Senate bill, the Restore Trust in Congress Act, was introduced to prohibit ownership or trading of individual stocks, securities, commodities, and futures.