Lawmakers could face a ban on buying new stocks under a bill poised to get its first vote Wednesday.
But hurdles remain, including opposition from most Democrats who say the bill doesn’t go far enough in preventing insider trading among lawmakers.
The bill’s main backer, Rep. Bryan Steil, R-Wis., chairs the House Administration Committee, which is expected to vote and adopt the measure Wednesday.
“Your member of Congress should not be day trading stocks,” Steil said in an interview with CNBC. “You want to day trade? There’s a place for that and it’s called Wall Street.”
House Majority Leader Steve Scalise, R-La., told CNBC that if the bill is approved by committee, he will bring it to the floor for a vote. It’s unclear if the bill will be able to pass the full House. House Democratic leadership hasn’t weighed in on the bill yet, and members are hoping to offer amendments during Wednesday’s markup to strengthen the bill.
