A bill to stop insider trading failed to advance in the Senate on Wednesday, with all Democrats voting against it and all Republicans voting for it.
The bill failed 53-to-47 along party lines. The bill, which originated in the House and was sponsored by Rep. Bryan Steil, R-Wis., would prohibit members of Congress and their spouses and dependent children from purchasing stocks. The measure would also require public notice before these individuals could sell stocks.
In July, HR 7008 passed the House 232-198, with 218 Republicans and 13 Democrats voting “yes,” along with one independent. A total of 198 Democrats voted “no.” Rep. Frederica Wilson, D-Fla., did not cast a vote.
The act was bound to fail in the Senate due to its being combined with a nationwide voter ID mandate, which Democrats vehemently opposed. Rep. Joe Morelle, D-N.Y., described the voter ID provision as a “poison pill” during the House debate, arguing that it would suppress millions of voters by imposing unnecessary restrictions.
After the vote, Sen. Kevin Cramer, R-N.D., wrote on X, “Senate Democrats blocked a bill to stop any sort of insider trading by government officials and to require legal ID to vote. North Dakotans overwhelmingly support both these measures, yet when it came time to vote, Democrats said no.”
House Majority Leader Steve Scalise, R-La., also posted on X following the vote, saying, “EVERY Senate Democrat just joined EVERY House Democrat in voting AGAINST banning congressional stock trading. @RepBryanSteil’s Stop Insider Trading Act is the accountability the American people demand. But every Democrat blocked it from becoming law.”
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Sen. Pete Ricketts, R-Neb., who is the lead Senate sponsor of the resolution, also wrote on X, “Senate Democrats just blocked my bill to ban congressional insider trading. The House passed this bill in a bipartisan manner. It’s discouraging that Senate Democrats failed to do the same.”
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