Senate Democrats blocked a bill that would limit lawmakers’ stock trades on Wednesday, after it failed to reach the 60-vote threshold needed to advance. The vote was 53 to 47, with Republicans voting in favor and Democrats voting against.
The Stop Insider Trading Act would prohibit lawmakers, their spouses, and dependent children from purchasing publicly traded stocks. It also requires that lawmakers publicly disclose each intended sale at least a week in advance to limit their ability to profit off insider information. The bill passed the House in July with the support of all Republicans and 13 Democrats.
Democrats argue the bill does not go far enough and push for an outright ban including the president and his administration. They see the stock-trading provisions as a vehicle for a separate provision they oppose: a requirement that voters show photo ID when voting in federal elections.
The Vote On Wednesday
The Senate voted on the bill alongside another measure on energy costs from data centers. Senate Majority Leader John Thune called the stock-trading bill a “common-sense piece of legislation.”
“It’s a pretty simple measure,” Thune said. “But an important way to ensure that members of Congress are held to the standards that America should be able to expect of their representatives.”
Senate Minority Leader Chuck Schumer took a different view. He called the bill “as ineffective as a screen door on a submarine.” He said Republicans “carved the White House out of their supposed crack down on corruption.”
Schumer added that the bill “isn’t a stock-trading ban, it’s Republicans’ last-ditch effort to save face.” He said his caucus is “ready to go” if Republicans want to ban stock trading.
What The Bill Would Do
The stock-trading ban would apply to lawmakers, their spouses, and their dependent children. It would prohibit them from purchasing publicly traded stocks.
The disclosure requirement is the other key feature. Lawmakers would have to publicly disclose each intended sale at least a week in advance.
The bill also includes a provision requiring voters to show photo ID when voting in federal elections. Democrats see that provision as a vehicle for a separate fight, arguing it would weaken mail voting.
The House Vote In July
The bill passed the House in July with the support of all Republicans and 13 Democrats. The vote split along party lines, with Republicans supporting the bill and Democrats opposing it.
The vote was 53 to 47 on Wednesday, again along party lines. Republicans voted in favor, and Democrats voted against.
Why Democrats Oppose The Bill
Democrats oppose the stock-trading restrictions because they come attached to a voter ID requirement. They argue that the bill is not about insider trading at all, but about a separate political fight.
Schumer framed the bill as a Republican effort to save face. He said the bill is “Republicans’ last-ditch effort to save face” and that his caucus is “ready to go” if Republicans want to ban stock trading.
The argument is that Republicans are using the stock-trading issue to push through a voter ID requirement that Democrats oppose. Democrats want an outright ban on stock trading, but they want it to cover the president and his administration as well.
The Voter ID Fight
The voter ID provision is the central sticking point. Democrats see it as a vehicle for a separate fight, arguing it would weaken mail voting. Republicans have pushed elections-related legislation ahead of the midterms.
President Trump has pushed Congress to approve elections-related legislation ahead of the midterms. The stock-trading bill is part of that broader push.
GOP leaders brought up the vote on Wednesday alongside another bill on energy costs from data centers.
What Happens Next
The bill is now dead in the Senate. Without 60 votes, it cannot move forward. The vote was 53 to 47, with Republicans voting in favor and Democrats voting against.
The failure of the bill means the current arrangement remains in place. Lawmakers can still buy and sell stocks, and there is no mandatory disclosure of intended sales.
The fight is not over. Democrats have said they are ready to go if Republicans want to ban stock trading.
Where the paper stands
The paper backs Republicans who voted for the Stop Insider Trading Act and is against Democrats who blocked it from advancing. The vote was 53 to 47, with Republicans voting in favor and Democrats voting against. The bill would have prohibited lawmakers, their spouses, and dependent children from buying publicly traded stocks, with a disclosure requirement that lawmakers publicly announce each intended sale at least a week before selling. Republicans see it as a curb on insider trading; Democrats see it as a vehicle for a voter ID requirement they oppose.
The bill was blocked because Democrats tied it to a separate fight over voting rules. That is a problem of power gathering in one place. When one party uses its hold on the Senate to attach unrelated demands to a bill, it concentrates power and makes ordinary legislation harder to pass. The paper supports smaller government and less control over people’s lives, and it is against offices gathering more power wherever they sit.
The fight is not over. Democrats have said they are ready to go if Republicans want to ban stock trading, which could mean a new bill without the voter ID provision. The stock-trading issue is not going away. Lawmakers will have to address it eventually, and the question of whether they should be allowed to buy and sell stocks while in office will keep coming up. The paper wants a ban on stock trading without the strings attached to it.
Key Facts Box
- Vote: 53 to 47, failing to reach the 60-vote threshold
- Party split: Republicans voted in favor, Democrats voted against
- Passed House: July, with all Republicans and 13 Democrats supporting
- Bill: Stop Insider Trading Act
- Provisions: stock-trading ban, disclosure of intended sales, voter photo ID
- Schumer’s framing: “Republicans’ last-ditch effort to save face”
The vote on Wednesday was a defeat for the stock-trading ban, but it was also a statement of where each party stands. Republicans see the bill as a common-sense curb on insider trading. Democrats see it as a vehicle for a voter ID requirement they oppose.
The fight is likely to continue. Democrats have said they are ready to go if Republicans want to ban stock trading. That could mean a new bill without the voter ID provision, or it could mean no action at all.
Either way, the stock-trading issue is not going away. Lawmakers will have to address it eventually, and the question of whether they should be allowed to buy and sell stocks while in office will keep coming up.
For now, the bill is dead. Lawmakers can still buy and sell stocks, and there is no mandatory disclosure of intended sales. The vote was 53 to 47, and that is the end of it.
See the video the story is built around at CBS News.
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