A Republican-led effort to advance a House-passed bill restricting congressional stock trading died in the Senate on Wednesday, falling 53-47 — seven votes short of the 60 needed to move forward. All 53 Republicans voted yes; all 47 Democrats voted no.
The measure, the Stop Insider Trading Act (H.R. 7008), would have barred members of Congress, their spouses, and dependent children from buying publicly traded stocks, and required advance public disclosure before selling stocks they already own. The House passed it in July by 232-198, with 13 Democrats joining.
But Republicans attached a federal voter ID requirement to the bill, demanding photo identification for voting in federal elections. Senate Democrats refused to go along.
Senate Minority Leader Chuck Schumer labeled the voter ID language a "poison pill," arguing it would gut mail voting. He also said the stock-trading restrictions themselves did not go far enough, calling for a broader ban covering the president and members of the executive branch.
Senate Majority Leader John Thune, who teed up the vote, called the combined measure "common-sense" — holding lawmakers to higher standards while requiring voters to verify their identity.
With the SAVE America Act, the administration's main voter ID and proof-of-citizenship bill, also stalled at the Senate's 60-vote threshold, Republicans have begun placing voter ID language into other vehicles. The trading-ban defeat effectively sidelines the bill with Congress preparing to leave Washington ahead of the November midterm elections.