House passes bill that would ban members from buying stock

Some Dems opposed its voter ID provision and not covering the executive branch.

The House on Wednesday passed a bill that would ban members of Congress from trading individual stocks as well as mandate that voters provide photo identification "as a condition of casting a ballot" by a 232-198 vote.

Thirteen Democrats voted with all Republicans in favor of the bill.

The Stop Insider Trading Act, championed by House Administration Committee Chairman Bryan Steil of Wisconsin, would prohibit members of Congress, their spouses and their dependent children from buying new stocks. The bill would, however, allow lawmakers to keep the stocks they already own.

"This is the first congressional stock trading ban to receive a vote on the floor of the House," Steil said on the floor. "If you want to day trade, there is a place for that on Wall Street."

Administration Committee ranking Democrat Joe Morelle of New York called the bill a "sham" because it "allows members of Congress to continue owning and trading stocks."

Rep. Teresa Leger Fernandez of New Mexico, the chair of the Democratic Women's Caucus, told ABC News that the bill wouldn't prevent a member from selling stock they already hold.

"It doesn't ban stock trading because you could still acquire stocks, sell stocks, use information that you have that you garner here in Congress to make a profit. And stock trading involves purchase and sales, and it does not prohibit sales," she said.

Some Democrats opposed the bill in part because they contend it doesn't go far enough to rein in stock trading for the executive branch, including the president and vice president.

"The biggest glaring absence is that the president and vice president can continue to stock trade," Leger Fernandez said.

President Donald Trump's recent financial disclosure report shows his investment advisers made more than 21,000 trades on his behalf last year, many involving companies with business before, or regulated by, his administration.

Republican Rep. Chip Roy of Texas also expressed regret that GOP leadership made the vote a "partisan exercise" by attaching voter ID to the ban and agreed with Democrats who argue the scope of legislation should address all three branches of government.

"It should apply to everybody. That was my preference, and always had been," Roy said. "We stuck on focusing on Congress because you know, get your own house in order, and then you know you can kind of start pointing fingers elsewhere, but I would like it to apply to everybody in the executive branch, judiciary branch, and here."

Other Democrats