The U.S. Senate failed to advance a House-passed bill to curb congressional stock trading after every Democrat voted against it, according to The Center Square’s Thérèse Boudreaux.
What the bill would do
The Stop Insider Trading Act, introduced by Rep. Brian Steil, R-Wis., passed the House earlier this year with bipartisan support, The Center Square reported. The bill would bar members of Congress, their spouses, and dependent children from buying new stock issued by public companies while in office. It also includes a requirement for valid photo identification when voting in person in federal elections.
Why Democrats said no
The Center Square wrote that Senate Democrats argued the ban did not go far enough and should also cover the executive branch, including the president. The report also notes the legislation does not prohibit lawmakers from selling or divesting existing holdings.
“There’s been a real effort to ban members of Congress from trading stocks and profiting off insider information – which I’ve supported for years,” Sen. Chuck Schumer, D-N.Y., posted on social media. “This Republican bill, however, has no reform, no accountability, and no substance, and STILL allows members to own and sell stocks.”
According to The Center Square, Democrats also opposed the voter ID provision, saying it would “disenfranchise” voters. The article added that polls show 80% of Americans support basic photo ID requirements to vote.
Republicans’ response
House Majority Whip Tom Emmer, R-Minn., criticized the outcome after the vote. “Democratic Senators have once again let Americans down by voting down the Stop Insider Trading Act,” Emmer said, calling it “a shame that the Senate continues to vote down good, House-passed bills that the American people want to see made law.”
What’s next
Senators departed for recess and will not return until after the midterm elections, effectively ending the bill’s chances in this Congress, The Center Square reported.
