The bill requires divestiture for people who want to become a congressperson or president or vice president.
The former president’s massive financial assets were a primary concern of Sen. Mitt Romney (R-UT) during a Senate Committee on Homeland Security and Governmental Affairs debate LAST WEEK.
Sen. Romney: "I mean, he'd have to sell all of his Truth Social stock. He'd have to sell all of his private investments."
Sen. Romney: "This basically would prevent Donald Trump from becoming president if he wanted to maintain his financial assets without getting completely obliterated.”
The bill in question, an amended version of the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, ultimately passed out of committee with an eight to four vote, with Republican senators divided on how to proceed.
Trump owns 114 million shares of Trump Media and Technology Group, Corp, worth $3.776 billion, saying divesting of that would be “a massive disadvantage for him.”
Sen. Ron Johnson (R-WI) chimed in to support Romney’s comments, saying he came into the meeting “happy to vote yes on this self-flagellation.” Johnson said he divested of his securities when running for office, considering it to be the “honorable thing to do.”
Sen. Ron Johnson (R-WI): “You know how much I've lost in terms of opportunity cost since that point in time,” Johnson said. “I’m going to vote ‘no’ now. We don't want to turn Congress into a rich man's club.”
Johnson is one of the richest members of the Senate, with a net worth of more than $39 million, according to Open Secrets.
Sen. Josh Hawley (R-MO), a co-sponsor of the bill, argued with his Republican colleagues who challenged the bill, saying “there's always an excuse for why we can't do a stock trade bill. I've heard this for years.”
“Congress is a rich man's club. That's the problem. That's what we're trying to fix,” Hawley said.
As currently written, Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, would force president-elect Trump to sell his stocks or face a ban from becoming president.
The bill passed out of the senate committee with an eight to four vote.
White house source told us: "President Biden is planning to sign the bill."
If Biden signs the bill, Trump has to sell all his stocks or face a ban from becoming president.
BREAKING: Senator Elizabeth Warren has the Numbers to confirm 40 federal Judges to block Trump's deportation of immigrants.
none can be removed by Trump
As the clock ticks toward President-elect Donald Trump's second term, Senator Elizabeth Warren is using the remaining weeks of the democratic senate to confirm federal Judges For President Biden.
Senate Democrats are planning to confirm as many of President Biden's judicial appointments as possible during the lame-duck session.
BREAKING: New York Judge is not ruling out 4 years Jail for Trump
New York Judge could force Trump to live in a Jail Cell for the entire 4 years of his Presidency
Since it is a state case, Trump does not have the power to pardon himself next year after he is sworn into office.
The New York judge who oversaw Donald Trump’s hush money trial in Manhattan is thinking about whether to move forward with Trump's sentencing in the case on Nov. 26.
The country’s 45th president is set to be sentenced in the case on Nov. 26, but whether the hearing will happen is now being decided by Judge Juan Merchan.
BREAKING: President Biden has the Numbers to confirm 40 federal Judges to 'safeguard democracy' and block Trump's deportation of immigrants.
none can be removed by Trump
As the clock ticks toward President-elect Donald Trump's second term, Senator Elizabeth Warren is using the remaining weeks of the democratic senate to confirm federal Judges For President Biden.
Senate Democrats are planning to confirm as many of President Biden's judicial appointments as possible during the lame-duck session.
BREAKING: A Cruise ship company has offered Travellers the opportunity to ‘skip’ the Trump presidency with a four-year residential voyage that sails far, far away from America.
The recent US election result has left many Americans pondering a move abroad in an attempt to escape the divisive political climate.
One cruise line has launched a ‘Skip Forward’ package — a four-year residential voyage that sails far, far away from America.