WASHINGTON (NEXSTAR) – For the first time a bill to ban lawmakers from stock trading is moving forward. Advocates have been trying to make it happen for years, and this week legislation was voted out of committee. 

The new bipartisan bill would prohibit members of Congress, the president, and the vice president from buying and selling stocks. It would require the elected officials, along with their spouses and dependent children, to divest from assets starting in 2027. 

Senator Josh Hawley (R-Mo.) is one of the Republican lawmakers behind the new bill. He says he’s excited to see it gaining momentum. 

“It just bans stock trading and stock ownership by members of Congress,” Hawley said. “And it’s obvious why it should. Members of Congress should not be using the information that only they have to make profits on the stock market.” 

Democrat Senator Gary Peters is also a main sponsor of the legislation. 

“Americans deserve to be confident that their federal elected officials are making decisions that are in the best interests of the public and not their own personal interests,” Peters said. 

While the bill did get bipartisan support from the Senate committee, it still has to pass through a vote from the full Senate to become law, but it faces opposition. 

Senator Mitt Romney (R-Utah.) voiced concerns about how the bill forces people to divest. He predicts that would prevent people from running for office. 

“It is a wolf in sheep’s clothing because it’s been drafted in a thoughtless way,” Romney said. 

He also warns it would have other unintended consequences. 

“Donald Trump, for instance. Under this bill, he couldn’t become president. He’d have to sell all of his Truth Social stock. He’d have to sell all of his private investments,” Romney said. 

Senator James Lankford (R-Okla.) pointed out the bill doesn’t ban staff of lawmakers from stock trading. 

“This has a lot of exceptions that are built into it that gives the perception of saying we’re not involved in the market when we really are involved in the market,” Lankford said. 

But Senator Hawley argued those are misleading claims from people trying to kill the bill. 

“Grasping at straws frankly. I mean, saying that the bill does all kinds of crazy stuff that in fact it doesn’t,” Hawley said. 

Senate Leader Chuck Schumer (D-N.Y.) has previously supported the stock ban effort but hasn’t said if he will bring this bill up for a vote.