House Republicans advanced a bill on Wednesday aimed at curbing stock trading by lawmakers, a move that Democrats criticized as significantly weakened and potentially undermining efforts for a more comprehensive ban. The Stop Insider Trading Act, supported by Speaker Mike Johnson, introduces new restrictions on stock ownership for members of Congress and their immediate family.
The proposed legislation prohibits lawmakers from purchasing individual stocks. However, it contains provisions that allow them to maintain their existing stock holdings and continue selling them, provided they give a 7- to 14-day advance notice. Furthermore, the bill permits reinvestment of dividends into new stocks and allows spouses and other family members to trade freely on behalf of a lawmaker.
Democrats argue that these exceptions create loopholes that negate the intended purpose of a stock trading ban. Representative Norma Torres of California characterized the bill as a "political scam" during a committee hearing. Public sentiment overwhelmingly favors stricter regulations on congressional stock trading, with polls indicating widespread suspicion of the practice.
The potential market impact of the bill is uncertain. While a complete ban could reduce trading volume in certain sectors favored by lawmakers, the current version's loopholes may limit any significant effect. Companies frequently lobbied by members of Congress could see less direct investment from those lawmakers, but family members could still trade freely.
The future of the bill remains unclear. While it passed through committee, its prospects for a full House vote are uncertain, particularly given Democratic opposition. If enacted in its current form, the bill may do little to address public concerns about potential conflicts of interest in congressional stock trading.
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