Several Republicans argued the legislation before the panel was flawed. Sen. Ron Johnson (R-Wis.) said he did not see the need for new legislation given the existing rules around insider trading, and he warned it would have unintended consequences. Sen. Rick Scott (R-Fla.), meanwhile, accused Hawley of reneging on a promise to work with him to improve the bill.
I dont know when in this country it became a negative to make money, Scott said, describing his own rags-to-riches story. He asked the attendees in the hearing room, How many of you dont want to make money? Anybody want to be poor?
In an apparent attempt to sink the bill among Democrats, Committee Chair Rand Paul (R-Ky.) argued the legislation should apply to Trump not just future presidents and suggested his Democratic colleagues would be voting to protect the incumbent if they supported the revised bill. Paul later called it the exemption for Donald Trump substitute.
Democrats ultimately voted to alter the bill in a way that would allow Trump to maintain his holdings during his term, an apparent concession to appease Hawley and secure the measures approval in committee. If signed into law, it still would prohibit Trump and Vice President JD Vance from buying stock.
Sen. Elissa Slotkin (D-Mich.) said she would have preferred not to have the exception for Trump and Vance but added she was willing to make the good work instead of waiting for the perfect.
We all saw Vance and Trump come out against this publicly, but I think its important that we at least make a start, she said.
