US Senate rejects House-passed Stop Insider Trading Act

  • US Senate rejected the House-passed Stop Insider Trading Act in a party-line vote.
  • 53-47 senators supported advancing the measure, below the required 60 votes.
  • Democrats opposed the bill’s limited restrictions and federal voter ID provision.

The US Senate on Wednesday failed to advance the House-passed Stop Insider Trading Act in a 53-47 party-line vote, falling short of the 60 votes required. The measure would prohibit lawmakers, their spouses and dependent children from purchasing publicly traded stocks and require public disclosure of intended sales at least one week in advance. It passed the House in July with every Republican and 13 Democrats supporting it. Democrats said the bill did not go far enough because it excluded the president and executive branch officials, and they opposed an unrelated federal voter ID provision that they argued would undermine mail voting. Republicans said the vote established standards for congressional representatives, while both parties used the measure to frame election and ethics issues ahead of the midterms.

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