The House of Representatives has passed the Congressional Stock Trading Ban Act with a decisive 312-118 vote, sending the legislation to the Senate. The bill would prohibit members of Congress and their immediate family members from trading individual stocks while in office.
Under the proposed law, lawmakers would be required to divest individual stock holdings or place them in qualified blind trusts within 180 days. Violations would carry fines equal to the value of the prohibited transaction. The bill exempts diversified mutual funds and index funds.
The legislation comes after years of public outrage over instances of suspicious trading activity by lawmakers. Several members of both parties made trades that appeared to benefit from non-public information during major policy debates.
Public polling shows overwhelming support for the measure, with 78% of Americans favoring a ban on congressional stock trading. The issue has united activists on both the left and right, who see it as essential to restoring trust in government.
Senate passage is uncertain, as some members have expressed reservations about the scope of the restrictions. However, sponsors are confident they have the 60 votes needed to overcome a potential filibuster.
