The House on Wednesday passed a bill that would ban members of Congress from trading individual stocks as well as mandate that voters provide photo identification "as a condition of casting a ballot" by a 232-198 vote. 13 Democrats voted with all Republicans in favor of the bill.
The Stop Insider Trading Act, championed by House Administration Committee Chairman Bryan Steil of Wisconsin, would prohibit members of Congress, their spouses and their dependent children from buying new stocks. The bill would, however, allow lawmakers to keep the stocks they already own.
Some Democrats opposed the bill in part because they contend it doesn't go far enough to rein in stock trading for the executive branch, including the president and vice president.
Other Democrats opposed the bill because it combined the stock ban bill with the voter ID provision as Trump continues to push Republicans in both chambers to pass the SAVE America Act, which Democrats oppose because they say it would disenfranchise some voters. Because of the voter ID language in the bill, the bill faces a rocky path in the Senate.
Republican Nick Langworthy, the Southern Tier's representative, released the following statement:
From the day I came to Congress, I've consistently championed legislation to ban Members and their spouses from trading individual stocks because we are here to serve the people we represent, not cash in on information that isn't available to the public.
Today, the House took an important step toward stopping this insidious practice by passing the Stop Insider Trading Act that I was proud to co-sponsor and help pass. I'm not a millionaire, and I don't trade stocks -- I came to Congress to fight for our communities who, for too long, have been forgotten by those in power. Americans deserve to know that every decision their elected officials make is guided by what’s best for the country, not their personal stock portfolios.
We have a lot of work to do to restore Americans' trust in Congress and getting this bill signed into law would send an important message that we are serious about reform. I urge the Senate to act quickly to get this on the President's desk without delay.
