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The House on Wednesday passed a GOP-backed congressional stock trading ban, overcoming months of delay after conservative hardliners repeatedly pressed House GOP leaders to bring the legislation to the floor for a vote.
The lower chamber voted 232-198 to pass the bill, introduced by House Administration Committee Chair Bryan Steil (R-Wis.). Thirteen Democrats joined all Republicans in voting for the bill.
The bill would allow members of Congress, their spouses and dependent children to hold onto stocks they already own but prevent them from buying new ones. It also requires them to file a public notice with the clerk of the House at least seven days before they sell an existing stock.
The House Administration Committee advanced the bill in January.
“This legislation is critical to restoring the public’s trust in their elected officials. If you want to trade stocks, go to Wall Street, not Capitol Hill,” Steil previously said in a statement.
Rep. Anna Paulina Luna (R-Fla.) wrote on the social platform X that the bill “is an important step forward to restoring trust in Congress.”
The bill was amended to include a section requiring people to provide photo identification in order to vote. The move comes as conservative hardliners have been urging the Senate to take up the GOP- backed Safeguard American Voter Eligibility (SAVE) America Act, with House leaders attempting to attach portions of it to a number of must-pass pieces of legislation.
Democrats have broadly been supportive of a stock trading ban, but many argued that Steil’s bill falls short of meaningful reform in Congress and doesn’t extend to the executive branch.
“The reality is this: House Republicans are not serious about enacting a meaningful congressional stock trading ban,” the Congressional Black Caucus said in a statement.
“The combined Stop Insider Trading Act and Voter ID Act—which incorporates provisions from the voter-suppressive, so-called SAVE America Act—would allow Members of Congress to continue owning, selling, and, in some cases, purchasing individual stocks while simultaneously imposing stricter voter ID requirements that would make it harder for millions of eligible Americans to vote, including by mail,” they added.
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