US House to vote on GOP Stop Insider Trading Act; Democrats oppose as too weak

Published Jul 16, 02:15 PM UTC

The U.S. House of Representatives is preparing to vote on the Stop Insider Trading Act, a Republican-led bill that would prohibit members of Congress, their spouses, and dependent children from buying new stocks while allowing them to keep existing holdings. Democrats oppose the measure, arguing it is too weak and should also ban stock trading by the president and executive branch officials. The partisan divide deepened after GOP leaders added a voter ID requirement to the bill. A previous bipartisan consensus bill requiring lawmakers to divest stocks within 90 days of taking office has stalled after a discharge petition failed to gain sufficient Democratic support. The vote is scheduled just before the August recess, as lawmakers seek to address low approval ratings and public demand for ethics reform. The bill's narrow scope and partisan additions have reduced chances of bipartisan passage.