WASHINGTON (TNND) — In a single day this week, Representative Nancy Pelosi reportedly earned $4.7 million from stock trades, according to a stock market watchdog group. This revelation comes as Congress considers legislation aimed at curbing trading stocks among its members.

The proposed legislation, known as the PELOSI Act, is spearheaded by Senator Josh Hawley. The bill, cleverly named to stand for "Preventing Elected Leaders from Owning Securities and Investments Act," seeks to prevent lawmakers from profiting from companies they regulate. If passed, members of Congress would be required to divest individual stocks or place them in a blind trust within six months of taking office. Non-compliance would result in forfeiting stock profits to the U.S. Department of the Treasury and facing penalties from ethics committees.

The bill also extends to lawmakers' spouses, prohibiting them from trading individual stocks while their partner is in office. However, it does not impose restrictions on the children of members. According to Senator Hawley:

“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” stated Senator Hawley. “Americans have seen politician after politician turn a profit using information not available to the general public. It’s time we ban all members of Congress from trading and holding stocks and restore Americans’ trust in our nation’s legislative body.”

In a related development, a new app called Autopilot has emerged, allowing users to mimic the stock trades of politicians and celebrities. Initially, a viral social media account tracking Pelosi's trades, the app now offers a subscription service for $99 a year. Users can link their brokerage accounts to the app and follow portfolios like the "Pelosi Tracker." However, the app cautions that trades are reported with a delay of up to 45 days, and it is intended more for entertainment than serious financial advice.