Senate Blocks Stock Trading Ban and Voter ID Rider Ahead of Midterm Recess
The US Senate failed to advance the Stop Insider Trading Act on Wednesday, with the measure falling 53-47, seven votes short of the 60 needed to overcome a filibuster. The bill, which passed the House in July, would have banned members of Congress, their spouses, and dependent children from buying individual stocks. Democrats opposed the measure, arguing it allowed lawmakers to retain existing holdings and reinvest dividends, and objected to a bundled voter ID requirement they described as a 'poison pill.' The vote occurred five weeks before the November midterms, with the Senate set to recess for the campaign season. Republicans accused Democrats of prioritizing political messaging over reform, while Democrats argued the bill was designed to fail and ignored a bipartisan alternative advanced in a committee last year.
Key points
- The Stop Insider Trading Act failed 53-47 in the Senate, falling short of the 60 votes required to overcome a filibuster.
- The bill would have prohibited members of Congress, their spouses, and dependent children from purchasing individual stocks.
- Democrats opposed the measure, arguing it allowed lawmakers to keep existing portfolios and reinvest dividends, and objected to a bundled voter ID requirement.
- Republicans accused Democrats of obstructing popular reforms ahead of the November midterms, while Democrats argued the bill was designed to fail and ignored a bipartisan alternative.
- The vote occurred five weeks before the midterms, with the Senate set to recess for the campaign season.
Background
Efforts to restrict stock trading by members of Congress have failed repeatedly in recent years. A bipartisan ban advanced in a Senate committee last year, but the bill never became law. Trump's own trading has been eye-popping, with disclosures showing more than 14,000 stock trades in his first year back in office, worth up to $1.06bn. Lawmakers have faced similar questions, and a report by Common Cause found members of both parties made 13,324 trades worth $635.6m last year.
How outlets are covering it
The Guardian and Fox News both reported the 53-47 vote and the Democrats' opposition to the bundled voter ID requirement. The Guardian emphasized the Democrats' argument that the bill was insufficient and ignored a bipartisan alternative, while Fox News focused on the Republicans' accusation that Democrats prioritized political messaging over reform. The Yahoo Finance source was a JavaScript/bot challenge and did not provide additional details.
Why it matters
The failure to advance the Stop Insider Trading Act highlights the ongoing struggle to reform stock trading by members of Congress and the political dynamics surrounding the November midterms. The vote also underscores the contentious debate over voter ID requirements and the impact of data center costs on consumers.
What to watch
The Senate is set to recess for the midterm election campaign period, with no further action on the Stop Insider Trading Act expected before the November midterms. Republicans may attempt to advance the bill again after the recess, while Democrats may continue to oppose the measure and the bundled voter ID requirement.
- Senate blocks Republican bill restricting stock trades by US Congress members theguardian.com
- Democrats Block Stock-Trading Bill, Denying the G.O.P. a Pre-Midterm Win The New York Times
- Senate fails to advance data center and lawmaker stock trading bills before campaign break Yahoo Finance
- Schumer tanks popular insider trading ban in Dem effort to derail Republican's agenda ahead of midterms Fox News
- Democrats block bill restricting lawmakers from trading stocks The Hill
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