U.S. House passes bill to restrict stock trading by members of Congress

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.