"Lawmakers Barred from Stock Purchases, But President Exempt?"... U.S. Uproar over Trump Exception

House Passes Bill Banning Lawmakers from New Individual Stock Purchases
Excludes President and Vice President from Application
Criticized as "Half-Hearted Reform"

The U.S. House of Representatives has passed a bill prohibiting sitting members of Congress, their spouses, and dependents from making new purchases of individual stocks. While this move aims to prevent conflicts of interest and restore public trust in Congress, controversy continues because the bill excludes the President from its scope.

The Associated Press and Yonhap News Agency

According to the Associated Press on the 22nd (local time), the House approved the "Stop Insider Trading Act," which restricts individual stock purchases by federal lawmakers, with 232 votes in favor and 198 against.

Contents Include Ban on Lawmakers and Family Making New Individual Stock Purchases

The bill bans lawmakers, their spouses, and dependents from buying new individual stocks while in office. However, they may continue to hold stocks acquired before taking office, and if they sell, they must disclose the sale at least seven days in advance. Broadly diversified investment funds and certain types of trust assets are excluded from these regulations.

In addition, the bill does not apply to the President or Vice President. U.S. President Donald Trump was reported last May to have carried out more than 3,600 stock transactions, including with companies affected by government policy, during the first quarter of this year.

In the vote, some Democratic lawmakers also sided with Republicans. However, the Republican Party drew criticism from Democrats after adding provisions to exclude the President from trading restrictions and requiring voter identification. Whether the bill will pass the Senate remains uncertain.

U.S. President Donald Trump visiting Arlington National Cemetery. White House

Before the vote, Democratic Representative Joe Morelle of New York criticized on the House floor, saying, "In a word, this bill is a fraud," and called the voter ID provision a "poison pill" meant to sink the bill.

In contrast, supporters argued that this represents the most meaningful step yet to limit Congress's stock trading. Republican Representative Chip Roy of Texas called the bill "a huge step forward."

Brian Steil, the Republican representative from Wisconsin who sponsored the bill, also called it "groundbreaking legislation."

Criticism Over "Not a Total Ban on Stock Trading"

However, some have criticized the bill for falling short of a full ban, since it allows current holdings to be retained and sold.

Civic groups have argued that by permitting lawmakers to keep existing stocks, the bill leaves conflict of interest issues unresolved. The Center for Election Law said in a statement, "It fails to address the two fundamental problems: suspicions of insider trading resulting from stock holdings by lawmakers, and the pursuit of private gains using public office," expressing opposition to the bill.

The Associated Press reported, "Lawmakers have previously faced ethics reviews or investigations on suspicion of using non-public knowledge gained through their official duties for personal stock trading." However, it added that "there has never been a bill that imposes a complete ban on congressional stock trading enacted into law until now."

This content was produced with the assistance of AI translation services.