Five takeaways as the Pelosi era ends

Speaker Nancy Pelosi’s (D-Calif.) momentous decision to step down from Democratic leadership marks a watershed moment in Washington politics, sending tremors across a Congress where she’s guided her party for the last two decades.

The development carries broad implications for the workings of Capitol Hill, promising to pave the way for a younger generation of Democratic leaders, who will take over with Republicans controlling the House, while altering the image of the party after 20 years with Pelosi at the helm.

Here are five takeaways as the Pelosi era is set to end.

A woman in charge 

Pelosi is a historic figure, becoming the most powerful elected woman in U.S. history when she assumed the Speakership in 2007, then repeated the feat again in 2019 after a long stint in the minority. It’s a distinction she still holds.

From that unique perspective, she championed bill after bill to advance women’s causes — including efforts this year to codify Roe vs. Wade following the Supreme Court’s decision to eliminate abortion rights. And Pelosi’s speech on Thursday from the House floor — where she introduced herself as not only Speaker, but “a wife, a mother, a grandmother” — was thick with references to the progress women have made since she was first elected 35 years ago — and the long strides that remain. 

“When I came to the Congress in 1987, there were 12 Democratic women. Now there are over 90,” she said. “And we want more.”

Pelosi’s legislative legacy is well known: She muscled through proposals as consequential as ObamaCare, the sweeping Wall Street reforms that followed the Great Recession and the massive climate package signed by President Biden this year. 

More than that, she carved a well-earned reputation for counting votes and convincing reluctant lawmakers to support controversial legislation, even when it damaged them politically. 

The combination made her among the most effective Speakers in U.S. history — and inspired women to follow her into politics.  

“She’s broken glass ceilings and been a true role model for generations of women — including myself,” said Sen. Tammy Duckworth (D-Ill.).  

A unifying speech 

Pelosi comes from a family steeped in the traditions of the Democratic Party — her father was a member of the House through much of the 1940s — and she can be fiercely partisan in her confrontations with Republicans on countless issues of politics and policy. But her speech on Thursday avoided the type of partisan fire breathing that’s become routine on Capitol Hill. 

Instead, Pelosi sought to meet the moment with a message of unity and high ideals, invoking legendary Republican figures like Daniel Webster and Abraham Lincoln to make the case that fighting for the country’s founding principles is a shared business. 

“We owe to the American people our very best, to deliver on their faith,” she said. “To forever reach for the more perfect union — the glorious horizon that our founders promised.”

If there was a partisan jab at the Republicans on Thursday, it was not what Pelosi said but what she left out. In referencing the presidents she’s “enjoyed working with,” Pelosi mentioned George W. Bush, Barack Obama and Joe Biden — but not Donald Trump. 

It was a glaring omission, though it didn’t appear to bother the handful of GOP lawmakers who were in the chamber to hear the speech.

“I thought it was very positive,” said Rep. Joe Wilson (S.C.), who was among those Republicans on hand. “I was happy to be there.” 

Changing of the guard 

Pelosi’s decision paves the way for a “new generation” of liberals to rise in the Democratic ranks, breaking the leadership logjam that the “big three” — Pelosi, Steny Hoyer (Md.) and James Clyburn (S.C.) — have formed over their two-decade tenure.

“For me, the hour has come for a new generation to lead the Democratic Caucus that I so deeply respect,” Pelosi said in her remarks.

Minutes after the Speaker’s decision, Hoyer — who has served as Pelosi’s No. 2 for years — announced that he would also step back from Democratic leadership next year, setting the scene for a seismic shakeup at the top echelons of the caucus that will usher in a new slate of liberal leaders. Clyburn has said he intends to remain in leadership, but has not indicated which position.

The announcements were music to the ears of younger, restive lawmakers whose ambitions have been frustrated for years by the leadership bottleneck at the very top. 

But that changing of the guard, while officially put into motion on Thursday, has been the talk of Washington for months. Democratic Caucus Chairman Hakeem Jeffries (D-N.Y.), Assistant Speaker Katherine Clark (D-Mass.) and Caucus Vice Chairman Pete Aguilar (D-Calif.) are viewed as the heirs apparent to the “big three.”

None of them, however, announced bids on Thursday, opting to make their longtime leader the focus of the day.

“We’re all just trying to process what we heard and honor the legacy of Speaker Pelosi, what she’s meant to that chamber, what she’s meant to the California delegation and what she’s meant to me personally,” Aguilar told reporters. “Those are the things I’m reflecting on right now.”

But while Pelosi and Hoyer are both on their way to becoming rank-and-file members, they’re viewing the move differently.

“I feel balanced about it all,” the Speaker told reporters in the Capitol. “I’m not sad at all.”

Hoyer, on the other hand, asked how it feels to step out of the leadership, responded, “Not good.”

A divided Congress and country

Party polarization has worsened dramatically over the course of Pelosi’s years on Capitol Hill. And the House chamber during Pelosi’s speech was a glaring portrait of the stark partisan divisions that plague both the Congress and the country. 

On one side were Pelosi’s Democratic allies, who filled virtually every chair and cheered her numerous times during the 16-minute address. On the other were just a handful of Republicans — and hundreds of empty seats.

The Republicans who were on hand — including Minority Whip Steve Scalise (La.) — were glowing in their characterization of the outgoing Speaker, even as they emphasized their policy differences.

“It has been historic,” said Rep. Doug LaMalfa (R-Calif.). “She’s been strong for her conference all this time. There’s a rivalry with opposite teams and all that stuff, but you know, at the end of the day, we all try to remember and reflect on how you get along with people.”

Still, the empty GOP seats were a ready reminder of the tensions that linger between the parties, particularly following last year’s attack on the Capitol by a mob of Trump supporters. 

House Minority Leader Kevin McCarthy (Calif.) was among the absent Republicans. And some Democrats said they weren’t surprised by the GOP no-shows. 

“I have unfortunately come to expect an utter lack of regard for civility, collegiality, institutional respect, and frankly even respect for the American public,” Rep. Gerry Connolly (D-Va.) said of the Republicans. 

“The American public sent them a message, whether they want to accept it or not, last Tuesday. Which was: We want less of that. We want less divisiveness, less anger, less of this craziness and a lot more civility and respect,” he continued. “And it’s as if they heard nothing.”

Warning about democracy 

The final chapter of Pelosi’s tenure as Democratic leader will be marked by her dogged defense of American democracy — even when it put her in direct conflict with her political foes.

As Speaker, Pelosi led two impeachments of former President Trump, established a select committee to investigate the Jan. 6, 2021, attack on the Capitol, and ensured that the House would reconvene after the rampage to certify the results of the 2020 presidential election — in the very chamber rioters had infiltrated.

In her remarks on Thursday, Pelosi took pains not to attack Republicans, but argued clearly for the importance of safeguarding America’s founding principles if the country is to survive. 

“American Democracy is majestic – but it is fragile,” the Speaker said. “Many of us here have witnessed its fragility firsthand – tragically, in this Chamber. And so, Democracy must be forever defended from forces that wish it harm.”

Pelosi’s decision to step down came just a day after the formal midterm results had turned the House to Republican control. But it was Democrats who had overperformed at the polls, preventing the considerable gains that GOP leaders had expected. 

In warning about the fragility of democracy, Pelosi made the case that voters recognized it, too.

“Last week, the American people spoke,” she said. “And their voices were raised in defense of liberty, of the rule of law and of Democracy itself.”

Pelosi’s most memorable moments as Speaker

House Speaker Nancy Pelosi’s (D-Calif.) announcement Thursday that she will not seek a leadership position for the House Democratic Caucus next session will end her 20-year tenure as the top Democrat in the body. 

Pelosi has been elemental in many key moments since she took over as House Democrats’ leader in 2003 and as House Speaker in 2007, serving multiple terms as minority leader and Speaker. 

She helped orchestrate landmark legislative accomplishments during the Obama and Biden administrations while working to hold her party, composed of moderate and progressive wings, together. 

She was also a trailblazer in her own right, becoming the first woman to hold several different congressional leadership positions, including whip, minority leader and Speaker. 

Here are a few of Pelosi’s most memorable moments as Speaker: 

Becoming first female Speaker of the House 

Pelosi made history through several leadership positions she held in Congress. She was elected to her first leadership position in 2001 as House minority whip, the first woman to hold the role. She narrowly defeated Rep. Steny Hoyer (D-Md.) for the job. 

Hoyer would eventually serve as House majority leader and work closely with Pelosi in Democratic leadership. 

Pelosi succeeded Rep. Dick Gephardt (D-Mo.) as House minority leader in 2002 after Gephardt declined to run again to prepare for a run for the presidency in 2004. She also became the first woman in that role. 

Pelosi was an easy choice for Democrats as House Speaker after they won back a majority in the House in the 2006 midterm elections. She was chosen unanimously, becoming the first woman and the first Italian American to serve as Speaker in 2007. 

Almost exactly 16 years after the party chose her to become Speaker, she announced her decision not to run for another term in House leadership. 

Pelosi served as Speaker from 2007 to 2011 and took on the post again in 2019. She became the first person to serve nonconsecutive terms as House Speaker since Sam Rayburn (D-Texas) in the 1950s.

Calling on Bush to reject plan to escalate Iraq involvement 

Pelosi was an early opponent of the Iraq War, splitting from much of her own party in voting against the resolution that gave the Bush administration authorization to use military force in the country in 2002. 

She said in her statement announcing her decision on the vote that she was not convinced that all diplomatic remedies had been exhausted and had not seen evidence that Iraq posed an imminent threat to the United States. 

She continued her opposition to the war once she became Speaker in 2007. When the Bush administration announced its plan for a surge in the number of troops present in Iraq, she and then-Senate Majority Leader Harry Reid (D-Nev.) condemned the plan. 

They said the increase would delay the ability of the Iraqi government to “take control of their own future” after the removal of Saddam Hussein from power and that adding more combat troops would not contribute to success. 

They called for a shifting in the U.S. mission from combat to training, logistics, force protection and counterterrorism efforts, which President Obama eventually oversaw after he became president in 2009. 

Still, Pelosi refused to cut off funding for the military operation in Iraq, saying that she would not end financial support while U.S. soldiers remained in harm’s way. She emphasized increased congressional oversight of how funds were being used, trying to strike a balance between more liberal and moderate members of the caucus. 

Passing the Affordable Care Act 

The Affordable Care Act was one of the most significant legislative achievements of President Obama’s administration and Pelosi was a central figure in the legislation getting passed. 

Numerous Democratic presidents going back to Franklin Roosevelt had proposed or advocated for some form of universal health care, but they either failed to get it passed or focused on other initiatives.  

Democrats made large gains in both houses of Congress, but they were one seat short of the 60-vote threshold needed to overcome a Republican filibuster. Obama wanted to achieve a sweeping overhaul of the nation’s health care system, but his chief of staff, Rahm Emanuel, advised Obama to scale back his plans and try for a much smaller bill. 

Pelosi rejected the idea, calling the smaller-plan idea “kiddie care.” 

She became an architect of the final bill that ultimately passed, working to make the necessary changes to get the bill the support it needed. One change included the removal of federal funding for abortion, which Pelosi struggled with but deemed necessary to get Democrats who opposed abortion to support the bill. 

After various agreements were reached, Congress passed the act and Obama signed it into law. The president called Pelosi “one of the best Speakers” the House has ever had before he signed it. 

Announcing the first impeachment inquiry into President Trump 

Relations between Trump and congressional Democrats, in part led by Pelosi, reached their most contentious point at the time after the House voted to impeach him in December 2019. 

Controversy swelled after reports indicated Trump had a phone call with Ukrainian President Volodymyr Zelensky in July of that year in which he pressured Zelensky to launch an investigation into President Biden, then a candidate for the presidency in 2020, and his son, Hunter. 

Pelosi initiated a formal impeachment inquiry into Trump in September following a whistleblower’s complaint against Trump, leading to his impeachment. Pelosi oversaw the process, in which all but three Democrats voted to impeach him for abuse of power and all but four voted to impeach him for obstruction of Congress. 

All Republicans voted against the two articles, while former Rep. Justin Amash (Mich.), who left the Republican Party and became an independent, voted for them. Trump became the third president to be impeached. 

“The actions of the Trump presidency have revealed the dishonorable fact of the president’s betrayal of his oath of office, betrayal of our national security and betrayal of the integrity of our elections,” Pelosi said in a statement after announcing the inquiry. 

Tearing up Trump’s State of the Union address 

Trump’s 2020 State of the Union address came at a tense moment, one day before the Senate was set to take its vote on the impeachment charges against him. 

Trump appeared to ignore Pelosi after she reached out for a handshake before he began his speech. This was the first time the two of them had been in the same room since Pelosi walked out of a meeting with him in the White House the previous October. Trump called her a “third-rate” politician after the meeting. 

Pelosi often shook her head as Trump made reference to policies like health care and Social Security, but she received the most attention for tearing up a copy of his speech in half at the conclusion of it. 

“It was the courteous thing to do considering the alternatives,” Pelosi told reporters after. 

Trump did not mention impeachment during his address, instead emphasizing his administration’s policies. 

Pelosi reportedly later called the speech a “manifesto of mistruths.”

A video of Pelosi clapping at Trump during his 2019 State of the Union as he spoke about an end to "revenge politics" also went viral, giving Pelosi much attention online.

Responding to the chaos on Jan. 6 

The position of House Speaker is not constitutionally responsible for the certification of the Electoral College results — that duty falls to the vice president. But Pelosi was deeply involved in responding to the events of the Jan. 6, 2021, insurrection, when rioters hoping to stop the certification stormed the Capitol. 

After the rioters entered the Capitol, Congress paused its session to certify the votes, and Pelosi and other congressional leaders were taken to Fort McNair for safety while law enforcement tried to take control of the situation. 

Video clips released by the House select committee investigating the attack showed Pelosi and Senate Majority Leader Chuck Schumer (D-N.Y.) vigorously making urgent phone calls to multiple state and federal officials to send help. 

Pelosi, then-Vice President Mike Pence and other leaders also discussed the idea of continuing the certification process at Fort McNair. 

Pelosi repeatedly emphasized throughout the day that regardless of the rioters, the certification process must continue. 

“If they stop the proceedings, we will have totally failed,” she said. 

Announcing her plans to step down as speaker 

Speculation built up in the months leading up to the midterm elections this year as to whether Pelosi would continue to serve as Speaker, following through on her previous promise from 2018 to step down after four more years in the role. 

Pelosi largely stayed quiet about her plans and deflected questions before the election. She said the recent attack on her husband, Paul, would affect her plans but would not say how so. 

Following the party’s better-than-expected performance in the midterms, causing the GOP to likely only win a narrow majority in the body, some Democrats indicated that Pelosi was in a strong position to decide for herself what to do and that she could continue to lead the caucus if she wished. 

Pelosi ultimately announced during remarks on the House floor that she would not seek another term in leadership but would stay in her House seat representing her district, saying that “there is no greater official honor for me than to stand on this Floor and to speak for the people of San Francisco.” 

Pelosi has been one of the longest-tenured House Speakers in the body’s history and will likely take on a mentorship role for the next generation of Democratic leaders.

‘From homemaker to House Speaker’: Nancy Pelosi’s time in Congress

After almost two decades leading the House Democratic Caucus, Speaker Nancy Pelosi (D-Calif.) announced Thursday that she will step down from her leadership role in the next congressional session. 

Pelosi became the leader of the caucus in 2003 and became the first female speaker of the House in 2007. She has had two separate stints as House speaker and minority leader but has consistently been a face of the Democratic Party for a generation. 

Pelosi has overseen the passage of many major pieces of legislation during her tenure and was often key to the legislative successes of the Obama and Biden administrations. She also made history on multiple occasions, becoming the first woman to serve in several of the positions she held. 

"When I first came to the Floor at six years old, never would I have thought that someday I would go from homemaker to House Speaker," she said during her remarks on Thursday.

Although she will no longer hold a leadership position, Pelosi will keep her seat in the House to guide the next generation of leaders. 

Here’s a timeline of Pelosi’s career in Congress, from her first election to her announcement Thursday: 

1987 

Nancy Pelosi, who served as chairwoman of the California Democratic Party from 1981 to 1983, wins a special election in June to fill the remainder of the term of Rep. Sala Burton (D), who died in office. 

She easily prevails in the heavily Democratic district, receiving more than 67 percent of the vote. She more narrowly defeated a San Francisco city supervisor in the primary in April. 

Pelosi was 47 years old at the time. 

1989 

Pelosi sponsors legislation in the aftermath of the Tiananmen Square massacre in Beijing to allow Chinese students in the United States at the time to be able to seek permanent residency without returning home first. 

The House approved the bill unanimously, and the Senate approved it by voice vote, but then-President George H.W. Bush vetoed it, reasoning that he already planned to use his executive powers to give the students the protections the bill would offer. 

The Chinese government also had threatened to cut off future student exchanges if the bill became law. 

The House voted to override Bush’s veto, but the Senate fell a few votes short of the necessary two-thirds majority. 

Pelosi would be a strong advocate for human rights in China throughout her career. 

1990 

The Housing Opportunities for Persons with AIDS program goes into effect following advocacy from Pelosi. The program, which Congress approved as part of the National Affordable Housing Act of 1990, to provide affordable housing for low-income people with HIV and AIDS. 

The legislation is one of Pelosi’s first legislative victories, and she becomes a proponent of providing protection and funding to help people living with the virus. 

1991 

A provision of legislation that becomes known as the Pelosi Amendment goes into effect. The amendment, which was approved in 1989, requires international financial institutions, including the World Bank, to allow the assessment of environmental impacts of proposed loans. 

It also instructs U.S. representatives on the boards of these institutions to vote against any loans not subject to this public scrutiny. 

1993 

Pelosi begins serving on the House Intelligence Committee, where she would serve for a decade, making her the longest-serving member in the committee’s history. She serves as the committee’s ranking member from 2000 to 2003 and continues to serve as an ex officio member after. 

1996 

President Clinton signs a bill into law to preserve the Presidio of San Francisco following a multi-year effort from Pelosi. The Presidio was a military post from 1776 until the Army closed it in 1994, transferring it to the jurisdiction of the National Park Service and putting its future in jeopardy. 

The legislation creates a public-private partnership to preserve the park and allow it to become financially self-sufficient. Pelosi initially sponsored the bill to provide funding for the park in 1994, and it passed the House but failed in the Senate. 

The effort to pass the bill was renewed in the next session of Congress, which was controlled by the GOP, and was successful. Pelosi helped secure more than $300 million in federal funding for the trust, which was set to be financially independent by 2013. 

2001 

Pelosi is elected as House minority whip, the highest rank a woman had ever reached in Congress at the time. She narrowly defeated Rep. Steny Hoyer (D-Md.), with whom she would work closely in Democratic leadership, to win the role, which she assumes early the next year. 

2002 

Pelosi splits with then-House Minority Leader Dick Gephardt (D-Mo.) and much of her own party in voting against the resolution authorizing the Bush administration to take military action in Iraq. Pelosi said in a statement announcing her decision that she was not convinced that all diplomatic remedies had been exhausted. 

Serving as the ranking member of the Intelligence Committee, she said she did not see any evidence or intelligence that Iraq posed an “imminent threat” to the U.S. She remains a strong opponent of the war as it continues. 

2002 

Pelosi is elected House minority leader, the first woman to hold the role, after Gephardt declines to run for leadership again ahead of his planned 2004 presidential run. She wins with an overwhelming number of caucus members supporting her bid. 

2005 

Pelosi successfully organizes almost unanimous Democratic opposition to block President George W. Bush’s plan to privatize Social Security. Bush put forward reforming the program as his top domestic priority days after winning the 2004 presidential election. 

Bush mentioned the plan in his 2005 State of the Union address and said that he planned to use the political capital he gained from his reelection on this initiative, but Pelosi and Democrats rallied opposition from the American people to the plan. 

Polls showed widespread disapproval with Bush’s plan, and the president eventually pulled the idea. 

2007 

Pelosi is elected the first female speaker of the House after Democrats pick up more than 30 seats in the body to win a majority. Democrats unanimously chose her as their nominee almost exactly 16 years before her announcement Thursday that she would step down from party leadership. 

She also became the first Italian American to be elected speaker. 

2010 

President Obama signed the Affordable Care Act, one of the most significant legislative accomplishments of his presidency, into law. Pelosi was essential in gathering enough votes for the legislation to pass, working for months to win over the necessary support from members of the liberal and more conservative Democrats. 

Obama said before signing the bill into law that Pelosi was “one of the best speakers” that the House has ever had. 

2011 

Pelosi becomes minority leader for a second time after Democrats lose control of the House. She fended off a challenge from a conservative Democrat to remain the leader of the caucus. 

2016-2017 

Pelosi holds onto her position leading House Democrats despite some talks of replacing her after the party lost multiple House special elections in a row. She defended her record at a press conference and her abilities as a “master legislator” and “strategic, politically astute leader.” 

2019 

Pelosi becomes House speaker for a second time after Democrats regain the majority in the House following the 2018 midterms. Some Democrats expressed interest in Pelosi stepping aside and the party moving to a new generation of leaders, but she made a deal with them that she would not serve for more than four years as speaker. 

2019 

The House approves two articles of impeachment against President Trump for abuse of power and obstruction of Congress following an investigation into a phone call he made with Ukrainian President Volodymyr Zelensky in July of that year. 

Pelosi initiated the formal House inquiry into the matter, which concluded that Trump withheld military aid from Ukraine to try to pressure Zelensky into launching an investigation into President Biden, whom Trump saw as a top competitor for the 2020 election, and his son, Hunter. 

Trump was ultimately acquitted of the charges in the Senate. 

2020 

Pelosi tears up a copy of Trump’s State of the Union address after he finishes delivering it, gaining widespread attention. She told reporters after that it was “the courteous thing to do given the alternatives.” 

Trump appeared to ignore Pelosi’s offer for a handshake earlier. The speech came as the Senate was in the midst of Trump’s impeachment trial. 

2021 

Pelosi calls on Trump to resign in the aftermath of the Jan. 6, 2021, insurrection, promising to begin impeachment proceedings if he did not do so or if he was not removed by the Cabinet under the 25th Amendment to the Constitution. 

After Trump did not step down and his Cabinet did not remove him, the House impeached him for a second time, with all Democrats and 10 Republicans voting in favor. A majority of the Senate voted in favor of convicting him for the charge of inciting violence, but the body did not reach the required two-thirds majority needed for a conviction. 

2021 

Pelosi maintains her role as House speaker after Democrats lose seats in the body in the 2020 elections but keep a majority. She leads House Democrats in passing major legislative accomplishments from the Biden administration, including the American Rescue Plan, to fight against the impacts of the COVID-19 pandemic, and the bipartisan infrastructure investment package. 

2022

Pelosi becomes the highest-ranking U.S. official to visit Taiwan as Beijing steps up its threats toward the self-governing island. She previously visited in 1999 as a House member.

She maintained that the visit did not violate the One China policy, in which the U.S. only recognizes Beijing as the legitimate Chinese government but considers Taiwan's status to be unsettled.

2022 

Pelosi announces she will not run for another term in House Democratic leadership but will remain in Congress, representing her House district.

Lawmakers furious at Democratic leaders after stock trading ban stalls

Anger is boiling over at House Democratic leadership for failing to deliver on a bill to ban members of Congress from trading stocks — a key priority for voters on both sides of the aisle — ahead of the midterm elections.  

Democratic leaders unveiled draft legislation to tackle the issue Tuesday, just days before Congress was set to leave for an extended recess. That left lawmakers little time to review the bill or offer changes, such as closing loopholes that critics say make the bill toothless, dooming its chances of a floor vote. 

Rep. Abigail Spanberger (D-Va.) on Friday issued a scathing statement, accusing Democratic leaders of slow-walking her own stock trading proposal — introduced two years ago with bipartisan backing — and ultimately offering a more complicated bill that was designed to fail. 

“This moment marks a failure of House leadership — and it’s yet another example of why I believe that the Democratic Party needs new leaders in the halls of Capitol Hill, as I have long made known,” Spanberger said in her statement.  

Speaker Nancy Pelosi (D-Calif.) told reporters Friday that the bill didn’t come to the floor because it didn’t have the votes to pass.  

The delay is a momentous setback for the stock trading reform effort, which drew a rare confluence of support from an overwhelming majority of Republican and Democratic voters.  

Public scrutiny of lawmakers’ trades intensified when Sen. Richard Burr (R-N.C.) unloaded much of his portfolio after attending a private briefing on the devastating impacts of COVID-19 at the start of the pandemic. Pelosi, whose husband is a prolific trader, also drew backlash when she said she wouldn’t support a ban on stock trading in Congress, a position she later reversed. 

“Passing a stock trading bill before the midterms would have been a good faith sign to the voters that Congress takes its responsibility to the public interest seriously,” said Danielle Caputo, an ethics lawyer at the Campaign Legal Center. “And so obviously, that's disappointing.” 

The Combatting Financial Conflicts of Interests in Government Act, spearheaded by Rep. Zoe Lofgren (D-Calif.) at the request of Pelosi, aims to prevent insider trading among members of Congress, federal government officials and Supreme Court justices. 

The bill is meant to stop insider trading by making officials put any stocks they own into what’s called a blind trust, whereby the stocks are handed over to a third party that manages them without their owner’s knowledge. 

But critics of the bill say that it contains a loophole that allows officials to get out of this requirement. 

“The problem is that the bill allows people to create a trust that they can claim is blind and diversified, and yet it doesn’t actually have to meet the criteria that are currently in the law for it to officially be a blind trust,” said Dylan Hedtler-Gaudette, an advocate with The Project on Government Oversight (POGO), a nonprofit watchdog organization.  

Congressional ethics committees, notorious for failing to hold lawmakers accountable for violating existing ethics rules, would sign off on the blind trusts under the proposal.  

“It’s basically a fake blind trust,” he said. “We don’t have that much trust in what the ethics committee is going to do because they’re notoriously weak in doing anything that’s particularly restrictive or robust around what happens internally.” 

Critics of Democratic leaders’ approach say that the stock trading bill should have stuck to the legislative branch, and that including ethics reforms to the judiciary and federal government only complicated its chances of passage. Those changes could have come in future bills, they said. 

Lawmakers complained this week that the Lofgren bill was not crafted with input from many rank-and-file lawmakers, particularly Republicans.  

“This is a complex issue requiring thought, debate, amendment and a full airing in committee to build as much bipartisan agreement as possible rather than the normal cram-down from the top that permeates literally everything we do,” Rep. Chip Roy (R-Texas), who partnered with Spanberger on a stock trading bill, said in a statement Wednesday. 

House Judiciary Committee member Hank Johnson (D-Ga.) said in an interview that he suspects that many members of his committee haven’t had time to properly review the legislation. 

“I would suppose there are many members who have not actually read the legislation. And it’s certainly an important enough issue that we need to take adequate time to deliberate on it. We know that stock trading by members of Congress and by judges — Article III judges — is unacceptable,” he said, referring to judges who are nominated by the president and can only be removed from office with impeachment proceedings. 

A recent analysis by The New York Times found that one-fifth of U.S. lawmakers traded financial assets in industries that relate to their work on government committees in recent years.  

A 2012 law called the STOCK Act forbids members of Congress from using insider information when buying and selling stocks, but watchdogs say violations of the law are common. 

“We keep seeing STOCK Act violations,” POGO’s Hedtler-Gaudette said. “We see them time and time again. And they’re not even assessing penalties on the people who are violating the STOCK Act.” 

The proposed stock trading ban in the House is one of several bills now being debated in the Senate from lawmakers including Sens. Elizabeth Warren (D-Mass.), Steve Daines (R-Mont.), Jon Ossoff (D-Ga.) and Josh Hawley (R-Mo.). 

Upon hearing the news of the stalled bill Friday, Hawley tweeted, "Pathetic. This should be a slam dunk."

"Congress AND their spouses from owning stock. But no. Pelosi & Company won’t give up the $$$$," he continued.

The proposals from Hawley and Ossoff allow for stocks to be put into blind trusts, while the bipartisan measure from Warren and Daines is more strict and requires that stocks be sold off outright. 

Supporters are still hopeful that lawmakers can finish a stock trading bill in a lame duck session after the election. But they note that there will be less pressure on lawmakers to appease voters, and Congress will already have its hands full with a slew of legislative priorities, including a government spending bill. 

The Hill has reached out to Pelosi's office for additional comment.

Updated 4:02 p.m.