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3d ago

Bipartisan Senate Bill Seeks Full Divestment by Lawmakers as House GOP Pushes Looser Stock-Trading Curb

The dueling proposals highlight a split over full divestment versus grandfathering existing holdings.

FILE -Sen. Ashley Moody, R-Fla., speaks during the confirmation hearing before the Senate Judiciary Committee for Kash Patel, President Donald Trump's choice to be director of the FBI, at the Capitol in Washington, Jan. 30, 2025. (AP Photo/Ben Curtis, File)
FILE - Sen. Kirsten Gillibrand, D-N.Y., leaves the Senate chamber after voting on a government funding bill at the Capitol in Washington, March 14, 2025. (AP Photo/J. Scott Applewhite, File)
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Overview

  • Senators Kirsten Gillibrand and Ashley Moody introduced the Restore Trust In Congress Act to bar members of Congress and their immediate families from owning or trading individual stocks.
  • The Senate bill sets 180 days for current members to divest and 90 days for newcomers, allows diversified funds and certain government bonds, and exempts the president and vice president.
  • The House Administration Committee advanced the Stop Insider Trading Act, which would ban new stock purchases but let lawmakers keep current holdings and require public notice at least seven days before sales.
  • House Democrats criticize the GOP bill for loopholes, including permitted dividend reinvestment and allowances for family members trading on others’ behalf, and some are pursuing a discharge petition for a stronger measure.
  • Prospects remain uncertain despite broad public support, with Republicans defending a narrower approach and a small number of Democrats signaling openness to the House bill.