US House passes congressional stock trading ban despite loophole concerns

The US House of Representatives has passed a congressional stock-trading ban by a 232-198 vote, sending the measure to the Senate despite criticism that it leaves existing holdings untouched. Summary The House passed the Stop Insider Trading Act in a 232-198 vote. Elizabeth Warren criticized loopholes allowing lawmakers to retain and sell existing stocks. Bryan Steil has proposed similar restrictions for congressional prediction-market wagers. According to a statement from Representative Bryan Steil’s office, the House approved the Stop Insider Trading Act on Wednesday, July 22. The Wisconsin Republican introduced the legislation in January and urged senators to send it to President Donald Trump for his signature. Under the bill, members of Congress, their spouses and dependent children would no longer be allowed to buy securities issued by publicly traded companies. The restriction would apply to new purchases, but lawmakers and their relatives could retain stocks already in their portfolios. Existing shares could still be sold, provided the owner files a public notice before the transaction. The bill requires notice at least seven days and no more than 14 days before a planned sa...