The U.S. House of Representatives on Wednesday passed a bill aimed at restricting stock trading by members of Congress and their families, according to Politico. The measure, called the Stop Insider Trading Act, passed by a 232-198 vote and became the first congressional stock-trading ban bill to receive a floor vote in the House. The split exposed internal disagreement among Democrats, with some arguing the bill does not go far enough. Thirteen Democratic lawmakers voted in favor, while only two Democrats were among the 93 lawmakers who co-sponsored the legislation. A separate proposal with broader bipartisan backing would have required lawmakers and their families to divest stocks they already own, but that bill did not make it to the House floor. Many Democrats said the bill that passed was too weak because it does not require the sale of existing holdings. The legislation now heads to the Senate for consideration.
The U.S. House of Representatives on Wednesday passed a bill that would restrict stock trading by members of Congress and their families, according to Politico. The vote also exposed a split among Democrats, as some in the party said the measure does not go far enough.
House approves the Stop Insider Trading Act
The bill, titled the Stop Insider Trading Act, was the first congressional stock-trading ban measure to receive a vote on the House floor. It passed 232-198, with 13 Democratic lawmakers voting in favor.
Of the 93 lawmakers who co-sponsored the bill, only two were Democrats.
Debate centers on existing stock holdings
A separate and stricter proposal would have required lawmakers and their families to sell stocks they currently own. That measure drew broader bipartisan support, but it did not advance to a full House floor vote.
Many Democrats argued the bill that passed was not strong enough because it does not include a requirement to divest existing holdings.
Next stop is the Senate
The bill will now move to the Senate for consideration.
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