Senate rejects bill to bar lawmakers from trading stocks, citing voter-ID add-on

The Senate failed to pass the Stop Insider Trading Act, missing the 60-vote threshold with a 53-47 tally. The legislation would have barred members of Congress, their spouses and dependents from purchasing or selling publicly traded stocks while serving, requiring a public notice of any sale at least seven days in advance. Democrats rejected the bill because it permitted lawmakers to keep previously owned stocks and because it bundled a voter-ID provision they view as a voter-suppression tactic.

Senate Majority Leader John Thune presented the stock ban and voter-ID rules as "common sense" measures, while Senate Minority Leader Chuck Schumer argued the proposal lets Congress members and President Donald Trump continue trading and hides insider trading. The vote coincided with Republican efforts to advance Senator Mike Lee’s SAVE America Act, a proof-of-citizenship and voter-ID bill that has stalled in the Senate due to Democratic opposition. With the Senate entering a campaign recess, the issue is likely to resurface after the midterm elections.