The U.S. House of Representatives Passes Bill to Restrict Lawmakers from Trading Stocks

BlockBeats News, July 23rd, according to Politico, the U.S. House of Representatives on Wednesday passed a bill aimed at restricting members of Congress and their families from trading stocks; however, due to some Democrats believing that the bill was not strong enough, there was internal division within the party. This legislation, named the "Stop Trading on Congressional Knowledge Act," is the first congressional stock trading ban to be voted on in a full House session, ultimately passing with 232 votes in favor and 198 against, with 13 Democratic members voting in favor. Out of a total of 93 lawmakers who co-sponsored the bill, only two were Democrats.

Another more stringent bill that would require lawmakers and their families to divest from currently held individual stocks, although enjoying broader bipartisan support, did not make it to a full House vote. Many Democrats felt that the measure that had passed was not strong enough as it did not include a provision to mandate the sale of existing holdings. The bill will be sent to the Senate for consideration.