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U.S. House of Representatives Passes Bill Restricting Lawmakers' Stock Trading
Svmuu News: According to Politico, the U.S. House of Representatives passed a bill on Wednesday aimed at restricting members of Congress and their family members from buying and selling stocks; however, divisions have emerged within the Democratic Party, as some Democrats believe the bill does not go far enough. The bill, titled the “Stop Insider Trading Act,” is the first congressional stock trading ban to be voted on in a full House session. It ultimately passed by a vote of 232 to 198, with 13 Democratic lawmakers voting in favor. Of the 93 lawmakers who co-sponsored the bill, only two were Democrats. Another bill with stricter provisions—requiring lawmakers and their family members to sell any stocks they currently hold personally—failed to reach a vote on the House floor, despite garnering broader bipartisan support. Most Democrats believe the measure that passed does not go far enough, as it does not include provisions mandating the sale of existing stock holdings. The bill will now be sent to the Senate for consideration. (Jin Shi)
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