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US Senate Blocks Bill to Restrict Congressional Stock Trading in 53-47 Vote
The Senate fell seven votes short of the 60 needed to advance the Stop Insider Trading Act, effectively killing the bill for this session.
Why it matters
On September 30, the U.S. Senate voted 53-47 against invoking cloture on the motion to proceed to H.R. 7008, the Stop Insider Trading Act — seven votes short of the 60 needed. The bill will not advance to debate or a final vote this session, leaving lawmakers free to trade individual stocks through the November midterm elections.
What the bill would do
Passed by the Republican-led House in July by 232-198, the bill would bar members of Congress, their spouses and dependent children from buying stocks of publicly traded companies. It would let them keep existing holdings, reinvest dividends into more shares, and allow spouses or children to trade on their behalf.
Democrats unanimously opposed it, calling those loopholes proof it was no real ban, and blasting a photo-ID requirement for federal elections tucked into the bill as a "poison pill."
Democratic Leader Chuck Schumer called the bill "a permission slip for corruption," while Majority Leader John Thune said its provisions "strike at the very heart of issues that the American people care deeply about."
What happens next
The Senate also failed to invoke cloture on the H.R. 9340 Ratepayer Protection Act, aimed at lowering household electricity costs, by 57-43. Republicans hope both votes give them a fresh line of attack against Democrats in the final weeks before the November 3 midterms.
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