Sherman Joins Financial Services Dems in Introducing Bill to Bar Social Media Companies from Selling Advance Access to Government Information

WASHINGTON, D.C. — Today, Congressman Brad Sherman (CA-32) joined Congressman Jim Himes (CT-04) and fellow Democratic members of the House Financial Services Committee (FSC) in introducing the No Preferential Release of Federal Information for Transactions (NO PROFIT) Act, a bill that would bar social media companies from offering faster, subscription-based access to government employees’ accounts that communicate material information. The bill is a House companion to Senator Mark Warner’s (D-VA) NO PROFIT Act, introduced in the Senate on August 3, 2026. 

"The President's latest corrupt scheme, selling early access to his government Truth Social posts at the expense of the American people, is crony capitalism at its worst. The public deserves to hear from their elected officials first, not wall street traders," said Congressman Brad Sherman. “I am glad to join Congressman Himes in introducing the NO PROFIT Act to put a stop to Trump's scheme to turn government statements into a paid subscription service.” 

“By any standard, this is the most corrupt Administration in modern American history, but auctioning off advance access to government announcements on Truth Social is one of the most brazen attempts at self-enrichment yet,” said Congressman Jim Himes. “Unable to end its disastrous war with Iran or make any meaningful dent in the cost-of-living crisis, this Administration has reverted to the one thing it seems to accomplish consistently: making money for the President, his family, and his cronies, the American people be damned. I’m proud to lead the House version of the NO PROFIT Act, thank Senator Warner for his leadership, and urge my colleagues to support this legislation so we can stop this scheme in its tracks.”

“Once again, Donald Trump is using the power of the presidency to enrich himself and his family, putting his private financial interests ahead of the American public," said Congressman Bill Foster. “Wealthy investors and trading firms shouldn’t be able to pay for special access to Trump's—or any public official's—social media posts. I’m proud to join Congressman Himes and my colleagues on the Financial Services Committee in introducing the NO PROFIT Act to stop this corruption and protect the integrity of our financial markets and our government.”

"Hawking early access to insider information to turn a profit is ridiculously corrupt. When the President takes part in this practice, it moves beyond corrupt and becomes outrageous and blatantly unconstitutional," said Congressman Josh Gottheimer. "If you work for the public, you don't get a head start on the facts or use them to line your pockets. This bill guarantees that everyone gets the same information at the same time, no exceptions. That’s the way it should be — no ifs, ands, or buts.”

“It should shock no one that Donald Trump is using his office to prop up his failing business and squeeze every dollar out of his soon-to-be lame duck presidency for personal gain,” said Congressman Sean Casten. "Selling early access to the President’s market-moving announcements is textbook insider trading. This bill will ensure that information from government officials is communicated fairly and evenly, preserving public trust in U.S. financial markets.”

“Politicians must not convert public office into a putrescent platform for pay-per-view profiteering. We need the NO PROFIT Act to put an end to the Grifter-in-Chief’s latest scheme,” said Congressman Sam Liccardo.

The NO PROFIT Act is a legislative response to Truth Social’s launch of Truth API, a subscription-based data feed costing as much as $100,000 monthly per license that provides subscribers with advance access to posts from 10 of the platform’s most influential accounts, including President Trump’s. The legislation would make it illegal for a person to knowingly trade in securities, commodities, swaps, or prediction market contracts if the person is doing so on the basis of material information obtained through prioritized access to an account.

According to regulatory filings, President Trump is the largest shareholder of Trump Media & Technology Group, holding 114,750,000 stocks in the company currently managed by a trust controlled by his eldest son, Donald Trump Jr. 

You can view the full text of the bill here. 

A one pager and section-by-section summary of the bill can be found here. 

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