(Thérèse Boudreaux, The Center Square) The U.S. Senate failed to advance a bill Wednesday that would have banned congressional stock trading after every Democrat voted against it.
The Stop Insider Trading Act, introduced by Rep. Brian Steil, R-Wis., passed the House earlier this year with bipartisan support. It would bar members of Congress, their spouses, and their dependent children from buying new stock issued by public companies while in office.
It also includes a provision requiring individuals to present valid photo identification when voting in-person for federal elections.
“Democratic Senators have once again let Americans down by voting down the Stop Insider Trading Act,” House Majority Whip Tom Emmer, R-Minn., commented after the unsuccessful vote. “It is a shame that the Senate continues to vote down good, House-passed bills that the American people want to see made law.”
Senate Democrats, however, protested that the ban did not extend far enough. They argued that the restrictions should have also applied to the executive branch, including the president. The legislation also 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,” Senate Minority Leader 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.”
Democrats also opposed the voter ID requirement, claiming it would “disenfranchise” voters, despite polls showing that 80% of Americans support basic photo ID requirements to vote.
Senators now leave for recess and will not return until after the midterm elections, effectively killing the chances of the bill becoming law in the 119th Congress.
