According to reporting by Thérèse Boudreaux at The Center Square, the U.S. Senate failed to advance the Stop Insider Trading Act after every Democrat voted against it. The bill had earlier passed the House with bipartisan support, The Center Square reported.
What the bill would have done
The Center Square says the measure, introduced by Rep. Brian Steil, R‑Wis., would have barred members of Congress, their spouses, and dependent children from buying new stock issued by public companies while in office. The outlet also reports the bill included a requirement for valid photo identification when voting in person in federal elections.
Democrats’ objections, per the outlet
The Center Square reports that Senate Democrats argued the bill did not go far enough and should also cover the executive branch, including the president. The legislation did not prohibit lawmakers from selling or divesting existing holdings, according to the outlet.
Chuck Schumer, D‑N.Y., posted on social media, per The Center Square: “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. This Republican bill, however, has no reform, no accountability, and no substance, and STILL allows members to own and sell stocks.”
Republican response noted by The Center Square
House Majority Whip Tom Emmer, R‑Minn., said after the vote, as quoted by The Center Square: “Democratic Senators have once again let Americans down by voting down the Stop Insider Trading Act. It is a shame that the Senate continues to vote down good, House‑passed bills that the American people want to see made law.”
The voter‑ID fight
The Center Square reports that Democrats opposed the bill’s voter‑ID requirement, saying it would “disenfranchise” voters. The outlet also stated that polls show 80% of Americans support basic photo‑ID requirements to vote, without citing a specific survey.
What’s next
Senators are leaving for recess and will not return until after the midterm elections, effectively ending the bill’s chances in the 119th Congress, according to The Center Square.
