Senate blocks Republican bill restricting stock trades by US Congress members
Summary
The US Senate voted 53-47 against starting debate on a Republican bill that would stop members of Congress and their families from trading individual stocks. Democrats opposed the bill because it allowed lawmakers to keep current stock holdings and included voter ID rules they disliked.Key Facts
- The vote was seven short of the 60 needed to debate the bill called the Stop Insider Trading Act.
- The bill passed the Republican-controlled House in July but failed in the Senate.
- The proposal bars Congress members, their spouses, and dependent children from buying new individual stocks.
- Democrats wanted a stricter ban, including existing stock holdings and applying the rules to the president and White House officials.
- Some opposed voter ID requirements in the bill, saying it could prevent eligible voters from casting ballots.
- Senate Democratic leader Chuck Schumer said the bill was designed to fail and called it a “permission slip for corruption.”
- President Trump was not affected by the bill’s proposed rules, and his large volume of stock trades has drawn attention.
- Previous related bills have also failed, showing ongoing difficulties in passing congressional stock trading restrictions.
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