Bill to limit stock trading in Congress is blocked by Senate Democrats

The US Senate on Wednesday blocked legislation placing new restrictions on stock trading by members of Congress, as Democrats refused to provide enough votes to advance the measure toward passage, arguing that it falls short of a full ban.By a vote of 53-47, the Senate halted a Republican drive to open debate on the partisan bill, which was passed in July by the House of Representatives.Sixty affirmative votes were needed to get the legislation over a Senate procedural hurdle.For years, voters have expressed outrage over the thousands of stock trades by lawmakers that many argue are improper given lawmakers’ privileged position.Members of Congress shape legislation, often behind closed doors, and at the same time execute trades on stocks and bonds whose prices could be affected by actions in the House and Senate.The legislation also contained a Republican provision to tighten requirements on photo IDs needed to vote in American elections — language that Democrats labeled a “poison pill” that they said would make it more difficult for eligible citizens to vote in federal elections.Senate Majority Leader John Thune, in a press conference on Tuesday, said that the bill’s provisions “strike at the very heart of issues that the American people care deeply about.”The “Stop Insider Trading Act” would prohibit members of Congress, spouses and dependent children from buying stocks of publicly-traded companies.

But Democrats bridled over their ability to keep stocks they already hold, let them use dividends to buy more shares and allow spouses or children to trade on their behalf.With several Republicans’ campaigns for the House and Senate appearing to teeter on defeat, party leaders orchestrated the vote to demonstrate that they were addressing voters’ concerns.The effort comes at a time when large numbers of Americans are chafing over high energy prices caused by the Iran war, and high interest rates making borrowing difficult.Senate Democratic Leade...