Some House Republicans are Growing Increasingly Frustrated with Leadership, for Not Moving the Ball Quickly, on a Stock Trading Ban, an Issue that has vexed Congress for Years, despite Repeated Bipartisan Calls for Reform.
Last month, the House Administration Committee Advanced a Bill by Chair Bryan Steil (R-WI, 1st Districtis) that would allow Members of Congress, their Spouses, and their Dependent Children, to Hold onto the Stocks they already Own, but Prevent them from Buying New Ones. No Action, however, has been taken on the Bill since.
And the Lack of Movement has Pushed some Rank-and-File Republicans to Renew Calls for a Stock Trading Ban, especially after Trump (R) urged Congress to Pass Legislation on the Matter during His State of the Union Address, Tuesday Night.
“If you have a strong bipartisan majority in Congress (supporting the issue), if you have overwhelming support from the public. You have the president of the United States specifically referencing it in the State of the Union, why pray tell is it not put on the floor?” Rep. Brian Fitzpatrick (R-PA, 1st District) said.
He Added that a Stock Trading Ban is long “Overdue.” “It’s very frustrating,” Fitzpatrick said. “This should have been the First thing we took up.” Steil’s Bill isn’t the only Stock Trading Ban that’s been Introduced. Fitzpatrick had Endorsed a Bipartisan Bill in 2025, Sponsored by Reps. Chip Roy (R-TX, 21st District) and Seth Magaziner (D-RI, 2nd District), Dubbed the Restore Trust in Congress Act, that would Bar Lawmakers, their Spouses, Dependent Children, and Trustees from Owning, Buying, or Selling Individual Stocks.
Rep. Anna Paulina Luna (R-FL, 13th Disreict) had introduced a Discharge Petition to Force a Vvote on Roy and Magaziner’s Bill; however, Leadership Ended Up Advancing Steil’sBbill, dubbed the "Stop Insider Trading Act", through Committee. Trump urged Members of Congress during His Speech on Tuesday, to Pass Steil’s Legislation “Without Delay.”
Luna, Referencing Trump’s Speech, wrote on the Social Platform X, “PASS THE STOP INSIDER TRADING ACT NOW!” “This is going to be a great vote. Banning insider trading needs to happen!” Luna wrote in a follow-up tweet. Speaker Mike Johnson (R-LA, 4th District) told Reporters on Wednesday, that Steil’s Bill will get a House vote “soon”.
But Complicating Matters for Johnson is whether He has enough Votes for the Bill to Pass. Johnson is currently Operating with a 218-214 Majority, meaning He can Afford only One Republican Defection and still Pass Party-Line Legislation. Virtually every Democrat will Oppose Steil’s Bill, because the Minority Party is Pushing for any Ban to include the President, Vice President and their Families.
Rep. Tim Burchett (R-TN, 2nd District) said He’s Leaning towards Opposing Steil’s Bill, which He Argues Falls Short of Addressing the Issue. He also said He doesn’t see the Senate taking up the Bill, even if it did Pass the House. “I think if they do, they’re going to pass something that’s totally different than what we have,” Burchett said. “And we don’t agree on it, and then they all giggle and laugh in both parties as it fails and they continue on their insider stock trading.”
When asked why there’s been a Stalled effort on a Stock Trading Ban Overall, Burchett said, “glaciers sprint past Congress.” “We move at a very record slow pace,” He said. “We always have, since I’ve been there under Democrats and under Republicans.”
Fitzpatrick said He would support Steil’s Bill, because He believes it’s “incremental progress,” but He added that He doesn’t think it goes “far enough” to “fix the system.”
Democrats have Blasted Steil’s Bill, arguing that it Doesn’t Extend to the Executive Branch, and Allows Members to still Sell their Existing Stocks. “I want something to be very clear: That this bill that has been introduced by Republican leadership is not a congressional stock trading ban,” Rep. Alexandria Ocasio-Cortez (D-NY, 14th District) told Reporters last month.
“It was written by and for the absolute wealthiest members of Congress to look like they are passing a ban, but … it actually creates a ton of new [avenues] by which they can own, buy and sell stock in even greater shadows from public opinion. … They can call it whatever they want, but it is not a stock trading ban.”
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment