Senate Republicans Fall Short on Bill to Restrict Lawmakers' Stock Trading

The US Senate on Wednesday blocked a Republican-sponsored bill that would have restricted stock trading by members of Congress, after Democrats declined to support a measure they argued did not go far enough and had been paired with unrelated voter ID requirements.

The vote was 53-47, seven votes short of the 60 needed to open debate on the legislation, known as the Stop Insider Trading Act. The bill had already passed the Republican-controlled House of Representatives in July.

Every Democratic senator and independent voted against advancing the measure. Democrats said the bill, as written, would still allow lawmakers to retain their existing stock portfolios, and criticized Republicans for bundling the trading restrictions with new voter identification rules, which they described as a "poison pill" designed to sink bipartisan support.

Timing

The failed vote comes five weeks before the November 3 midterm elections, adding a political dimension to a debate that has simmered in Congress for years over whether lawmakers should be permitted to trade individual stocks while in office.

Supporters of stricter trading rules have long argued that members of Congress have access to non-public information that could influence markets, while opponents of various proposals have disagreed over the scope and enforcement of any ban.