House passes act that bans lawmakers, their families from trading individual stocks
The House of Representatives in a bipartisan vote on Wednesday passed the “Stop Insider Trading Act,” which bans lawmakers and their families from trading individual stocks.
The bill passed in a 232-198 vote, with 13 Democrats supporting the legislation. A similar bill is in the Senate.
Democrats who opposed the bill argued that it does not go far enough because it prohibits members of Congress and their families from buying new individual stocks, but it doesn’t prevent them from owning them.
“For too long, Americans struggling to make ends meet have watched as lawmakers have entered office just to leave as multi-millionaires,” House Speaker Mike Johnson said in a statement. “This type of behavior is unacceptable and diminishes the American people’s trust in this institution.
“Today, with passage of the Stop Insider Trading Act, House Republicans took a critically important step to restore that faith and trust in both Congress and American elections,” he added.
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