Sen. Alex Padilla (D-Calif.) on Tuesday said Republicans “blocked my effort to pass a bill to ban congressional stock trading TWICE” and that he wants to extend the ban to the president and vice president, in a post that attached an article about a Democratic report on stock gains by President Donald Trump during the Iran war.
Padilla’s complete post, published at 1:05 PM on Oct. 27, 2026, read:
“This should be ILLEGAL.
Republicans blocked my effort to pass a bill to ban congressional stock trading TWICE. I want to extend the ban to the president and VP, too.”
Padilla attached an article, updated Oct. 26, headlined “As Trump brags about U.S. oil and gas company profits, his stocks gained millions during Iran war.” It reported on a new report by Democrats on the Congressional Joint Economic Committee, obtained exclusively by the outlet and based on the president’s financial filings with the Office of Government Ethics.
The report found the president’s oil and gas holdings are now worth between $22.5 million and $81.6 million, compared with $12.6 million to $46 million at the end of 2025. It said the holdings rose an average of 43% and that Trump purchased between $4.7 million and $17.5 million in oil and gas stocks between March and the end of August while selling between $2 million and $5.4 million. Filers are required to report only ranges, not exact amounts.
White House spokesman Davis Ingle said Trump’s portfolio is “independently managed by third-party financial institutions” and invested through computer-based model portfolios that replicate recognized indexes. “Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” Ingle said. “There are no conflicts of interest.” The article noted that presidents, vice presidents and members of Congress may legally own and trade stocks, though insider trading laws apply.
What the Senate record shows on “twice”
In July, Sen. Bernie Moreno (R-Ohio) objected to a unanimous-consent request by Padilla to pass the bipartisan HONEST Act, which would prohibit the president, vice president and members of Congress from owning, acquiring or selling individual stocks and digital assets. The post did not identify the second instance Padilla referred to.
The HONEST Act, led by Sens. Gary Peters (D-Mich.) and Josh Hawley (R-Mo.), advanced out of the Senate Homeland Security and Governmental Affairs Committee in July 2025 on an 8-7 vote. It would immediately bar members of Congress, the president and vice president from buying covered stocks, prohibit sales 90 days after enactment, and require divestment beginning with the next term. The president and vice president would not have to divest until 2029, after Trump’s current term.
Padilla’s own role in blocking a Republican bill
Padilla also objected to a Republican request. Moreno sought unanimous consent on July 27 to pass the House-passed Stop Insider Trading Act, which bans members of Congress, spouses and dependent children from buying individual stocks. Padilla blocked it on July 28, calling the bill a “political gimmick” because it exempts the president and vice president and carries a voter ID provision.
The bill later failed on a 53-47 Senate vote on Oct. 1, short of the 60 needed, with no Democrat voting yes. Senate Democratic Leader Chuck Schumer called it “a permission slip for corruption, not a stock trading ban.” Republicans, including Sen. Pete Ricketts (R-Neb.), said it would ban new purchases and was “common sense.” It passed the House in July 232-198 with 13 Democrats.
Trump’s trading and the stated position on a ban
Schumer has cited Trump and his money managers executing about 28,700 trades between January 2025 and June 2026. A Sept. 15 analysis of disclosures found Trump has traded more securities than every member of Congress combined since returning to office, at an average of about 80 trades per market day. The White House declined to comment on a presidential ban, though Trump said in his State of the Union that a congressional ban should pass “without delay.”
Trump attacked Hawley in 2025 after he introduced a bill extending the ban to the president, calling him a “pawn” who was “playing right into the dirty hands of the Democrats.” The White House also lobbied against the executive-branch provision, with a White House official citing concerns over Article II.
Padilla’s record on trading restrictions also includes amending a Moreno resolution in April 2026 to extend a Senate ban on trading in prediction markets to Senate aides. The measure passed unanimously. Public support for restrictions is broad: a May Economist/YouGov poll found three-quarters of U.S. citizens say lawmakers and other elected officials should not trade stocks.
Sen. Jeff Merkley (D-Ore.), whose standalone ETHICS Act was also blocked on Oct. 1, has said he plans to reintroduce it when the new Congress convenes in January. The existing 2012 STOCK Act carries penalties starting at just $200.