Senate blocks Republican bill restricting stock trades by US Congress members
Democrats block measure they say didn’t go far enough – and was bundled with ‘poison pill’ voter ID rules The US Senate on Wednesday blocked a Republican bill restricting stock trading by members of Congress, after Democrats refused to advance a measure they said would let lawmakers keep their portfolios and was bundled with voter ID rules they called a “poison pill”. The 53-47 vote fell seven…
In a close Senate vote on Wednesday, Republicans failed to pass a bill restricting stock trading by members of Congress, with Democrats voicing concerns that the measure fell short of their desired reforms. The 53-47 vote, short seven votes needed to open debate, marks the latest in a series of unsuccessful efforts to curb insider trading among lawmakers.
Every Democrat and independent voted against the Republican-authored Stop Insider Trading Act, which would have prohibited members, spouses, and dependent children from buying individual stocks. Democrats argued the bill did not go far enough, as lawmakers could retain existing holdings, reinvest dividends, and allow others to trade on their behalf.
They also objected to the photo ID requirements for voting, calling it a "poison pill" that would hinder eligible citizens from casting ballots. Senate Democratic leader Chuck Schumer branded the bill a "permission slip for corruption," accusing Republicans of designing it to fail. Republican opponents accused Democrats of prioritizing politics over reform.
The vote comes five weeks before the November midterm elections and reflects ongoing efforts to restore trust in Congress and hold lawmakers accountable.
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