Senate Democrats block bill restricting lawmakers' stock trades

Summarised from 4 outlets · 5 reports · Updated 2 Oct, 12:09 · Archive

Senate Democrats blocked a Republican bill to restrict stock trading by Congress members, with a vote of 53-47 falling short of the 60 needed to advance debate.

The Republican-controlled House passed the Stop Insider Trading Act in July. The bill would prohibit members of Congress, their spouses and dependent children from buying stocks of publicly-traded companies.

On Wednesday, the Senate voted 53-47 to advance the bill, falling seven votes short of the 60 needed to open debate. Every Democrat and independent voted against it.

Democrats objected to two aspects of the bill. They said the restrictions on stock trading did not go far enough and argued that the measure would still allow lawmakers to maintain their portfolios. Additionally, they opposed a voter ID provision that was attached to the bill, describing it as a 'poison pill'.

Senate Majority Leader Chuck Schumer called the bill a combination of 'trickery' and 'skullduggery', criticising the pairing of the insider trading restrictions with the voter ID requirements.

How it is being reported

• Why Senate Democrats blocked a bill to limit lawmakers' stock tradesA bill that would have prohibited lawmakers and their family members from buying publicly-traded stocks was blocked by Senate Democrats on Wednesday over an attached rider on voter ID laws. CBS News' Taurean Small reports.CBS News · 1 Oct, 01:35
• Senate blocks Republican bill restricting stock trades by US Congress membersDemocrats block measure they say didn’t go far enough – and was bundled with ‘poison pill’ voter ID rules The US Senate on Wednesday blocked a Republican bill restricting stock trading by members of Congress, after Democrats refused to advance a measure they said would let lawmakers keep their portfolios and was bundled with voter ID rules they called a “poison pill”. The 53-47 vote fell seven short of the 60 needed to open debate on the Stop Insider Trading Act , which the Republican-controlled House passed in July. Every Democrat and independent voted no, and the failure comes five weeks…Guardian World · 30 Sept, 21:36
• Bill to limit stock trading in Congress is blocked by Senate DemocratsThe "Stop Insider Trading Act" would prohibit members of Congress, spouses and dependent children from buying stocks of publicly-traded companies.New York Post · 30 Sept, 18:04
• Senate Democrats block bill to limit lawmakers' stock tradesA Republican-led effort to approve a House-passed stock trading bill fell short in the Senate, with Democrats saying the restrictions don't go far enough and pushing back against a voter ID provision.CBS News · 30 Sept, 17:55
• Schumer tanks popular insider trading ban in Dem effort to derail Republican's agenda ahead of midtermsSenate Democrats blocked a GOP bill combining a stock trading ban with voter ID requirements, with Chuck Schumer calling it "trickery" and "skullduggery."Fox News · 30 Sept, 17:52

In this story: Chuck Schumer · US Senate · House of Representatives

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