Senate Votes Down Stock Trading Ban Critics Say Doesn’t Go Far Enough

A Senate attempt to bar lawmakers from trading individual stocks stalled Wednesday, falling short of the 60 votes needed to advance after Democrats voted no. Because the procedural vote failed, the Stop Insider Trading Act will not get a final vote, according to the Daily Caller. Critics in the minority party said it did not go far enough.

As written, the bill would keep members of Congress, along with their spouses and children, from acquiring new individual stocks. Lawmakers could keep what they already own, but would have to give the public seven to 14 days' notice before selling. It also folded in language from the SAVE America Act, which Democrats also opposed to.

Senate Minority Leader Chuck Schumer called the measure a "fraud" and said Republicans were feigning concern. House Minority Leader Hakeem Jeffries objected that it leaves out the president, vice president and cabinet, and said Donald Trump has traded more stocks this year than all members of Congress combined. Republican Sen. Josh Hawley of Missouri said he wanted tougher penalties and a full ban, yet signaled he could work with the House text.

Punchbowl News found over $117 million in TV spending on stock-trading ads across more than 80 races. The Daily Caller also cites filings showing Nancy Pelosi's minimum net worth climbed from $2,675,036 to $63,996,050 over 37 years in Congress, and The New York Times reporting on trades by the families of Ro Khanna and Michael McCaul.

Summarized by PolitiKool from Daily Caller’s reporting. Read the full story at Daily Caller →