Lawmakers took a step Wednesday toward reining in their own stock trading, a move Republicans hope will burnish Congress’ image as they head home for an extended August break.
In a mostly party-line 232-198 vote, the House passed a GOP-led bill that would bar members of Congress, their spouses and dependent children from buying new stocks.
“If you want to day trade, there’s a place for that. It’s called Wall Street,” said House Administration Chair Bryan Steil, R-Wis., the bill’s lead sponsor, during debate on the floor.
Just 13 Democrats voted in favor. Others said the proposal doesn’t go far enough, arguing it should ban stock ownership entirely or extend beyond Congress to the president.
“It’s a terrible bill. It doesn’t ban stock trading in Congress or anywhere else,” said Rep. Seth Magaziner, D-R.I.
