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The U.S. House of Representatives passes a bill to restrict lawmakers from buying and selling stocks

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Golden Finance News reports that on July 23, Politico said the U.S. House of Representatives passed a bill on Wednesday aimed at limiting lawmakers and their families from buying and selling stocks; however, some Democrats in the party believed the bill was not tough enough, causing a split within the party. Titled the “Stop Insider Trading Act,” the bill was the first congressional stock-trading ban bill to be brought to a full House vote, and 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—one with stronger restrictions that would require lawmakers and their families to sell the stocks they currently personally hold—gained broader bipartisan support, but still failed to advance to a full House vote. Most Democrats believe the measure that has already passed is not stringent enough because it does not include a requirement to force the sale of existing holdings. The bill will be sent to the Senate for review.
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