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The House of Representatives on Wednesday approved bipartisan legislation that would prohibit members of Congress and their immediate families from trading individual stocks while serving in office.
The “Stop Insider Trading Act” passed by a 232-198 vote, with 13 Democrats joining Republicans in support of the measure. Similar legislation has also been introduced in the Senate.
Supporters say the bill is intended to address concerns about lawmakers potentially profiting from access to nonpublic information and to restore public confidence in Congress.
“For too long, Americans struggling to make ends meet have watched as lawmakers have entered office just to leave as multi-millionaires,” House Speaker Mike Johnson said in a statement. “This type of behavior is unacceptable and diminishes the American people’s trust in this institution.
“Today, with passage of the Stop Insider Trading Act, House Republicans took a critically important step to restore that faith and trust in both Congress and American elections,” he added.
Florida Republican Rep. Anna Paulina Luna also expressed her support following the successful vote.
“We cannot trust Congress when lawmakers are making decisions based on what will benefit their stock portfolios instead of what will benefit the American people. Today is the day we finally vote to ban congressional stock trading,” she posted to X.
Some Democrats opposed the legislation, arguing that it does not go far enough because it bars members of Congress and their families from purchasing new individual stocks but does not require them to divest existing holdings.
The House-passed bill faces uncertain prospects in the Senate despite support from some Republicans.
A separate Senate proposal would impose broader restrictions by prohibiting members of Congress, their families, the president and the vice president from both owning and trading individual stocks.