Senate Democrats pushing a bipartisan ban on stock trading for lawmakers are eyeing a vote on the bill before the November election, Axios has learned.
Why it matters: Banning members of Congress from stock trading is one of the most popular policy proposals for American voters.
- A pre-election vote could place significant pressure on lawmakers to vote for the measure, but Senate process could make that difficult.
- A bipartisan group of senators this month reached a deal on a bill to ban members of Congress and their family members from trading stocks.
- Members of the House and Senate trade stocks at a high rate, raising questions about ethics.
The big picture: Banning members from stock trading is a politically sticky issue in Congress. Democrats behind the bill are aware of how heavy of a lift it would be to get the bill passed.
- “There are members who deeply hate this, who want to keep trading stocks,” Sen. Jeff Merkley (D-Ore.), one of the bill’s sponsors, told a small group of reporters in his office on Tuesday.
But the lack of support isn’t dampening Democrats’ hopes for getting the bill up for a vote this year.
- Merkley told reporters he is hoping there is enough momentum behind the bill that he can “force a vote” through the amendment process.
- Sen. Jon Ossoff (D-Ga.), who also helped negotiate the agreement, told Axios he wants to see a vote as soon as possible: “We should move swiftly to the floor.”
- Sen. Gary Peters (D-Mich.), chairman of the Senate Homeland Security panel, didn’t say how quickly he wanted a vote on the bill, saying they need to take it “one step at a time.”
Catch up quick: The deal would immediately prohibit members of Congress from buying stocks and selling stocks 90 days after the bill is signed into law.
- The penalties for violating the law would either be the monthly salary of a lawmaker or 10% of the value of each asset they buy or sell.
- It would also ban member spouses and dependent children from trading stocks starting in March 2027.
Between the lines: There are only a few opportunities that backers of the stock trading ban have before the election to force a vote.
- There is not enough time left on the legislative calendar for the bill to be considered on its own. So, the measure would have to be attached as an amendment to one of the few must-pass pieces of legislation left this year — like the National Defense Authorization Act.
- But even then, because of the chamber’s rules, there would have to be unanimous agreement to allow the bill to be considered as an amendment.
What’s next: The Senate Committee on Homeland Security and Governmental Affairs will hold a markup on the legislation on Wednesday.
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