"It is despicable": House Democrats rage over Republican stock trading "set-up"

House Democrats expressed outrage after receiving ads from a Republican group touting members of their own party as champions for banning insider trading. The Stop Insider Trading Act, passed by the House 232 to 198 in July, would prohibit lawmakers and their families from buying individual stocks. However, the bill has exemptions for pre-owned stocks and pooled investment vehicles like mutual funds and ETFs. The act does not include the president or the cabinet.

The Republican advocacy group Choose Freedom Inc. has spent $9 million on airtime across nearly 20 congressional districts to promote the bill. Among the featured lawmakers are some known for their stock trading activities, which House Democrats have criticized. One Democrat, Rep. Joe Morelle, called the ads "disgraceful" and accused Republicans of setting up a "set-up."

Another Democrat, Rep. Debbie Dingell, vowed that Democrats would pass a bill banning stock ownership and include the administration within the first 100 hours of a Democratic House majority. The Democratic Congressional Campaign Committee described the Republican ads as "lies" and pledged to protect their public image.

However, one anonymous House Democrat admitted they were "not remotely shocked" by the ads, suggesting they were anticipated. Some Democrats were particularly upset that Rep. Rob Bresnahan, a Republican from Pennsylvania and a known stock trader, was featured in the ads. The DCCC and Bresnahan's Democratic opponent have both run ads attacking his stock trading habits.