Congress Passes ‘Stop Insider Trading’ Act That Only Stops Insider Trading

KEY POINTS

•In July, the House voted 232-198 to pass a ban on purchasing individual stocks for Congress members and families.
•Choose Freedom Inc. spent $9 million on ads praising Republican lawmakers known for prolific stock trading.
•Democrats criticized the bill’s photo ID voting requirement and warned they’d pass a stricter ban under a new majority.

In a 232-198 House drama worthy of daytime TV, Democrats cheerfully passed the Stop Insider Trading Act in July, banning Congress and family members from *buying* stocks—but not *selling* or keeping them. Funny twist: Republicans pocket the praise in $9 million Choose Freedom Inc. ads praising stock-trading champs like Rob Bresnahan, the poster child for Congress's very active trading floor antics (though his trades have 'slowed'). Democrats fumed over the photo ID voting add-on, with only 13 daring to say yes. Rep. Joe Morelle called the bill a ‘disgraceful’ sham, while Rep. Debbie Dingell promised a Real Ban™ in the next Democratic majority's first 100 hours. Meanwhile, the DCCC and Bresnahan’s opponent Paige Cognetti toss ads so bitter they could curdle milk. CDC: Congressional trading not banned, just politely asked to maybe chill out a bit.