Democratic Sen. Jeff Merkley of Oregon at a press conference on banning stock trades for members of Congress on April 07, 2022.

Senate Democrats won’t release a consensus bill to ban congressional stock trading until after the midterms.
“It’s not going to happen before the election,” said Sen. Jeff Merkley, a leading advocate on the issue.
It comes just a day after Nancy Pelosi said the House could vote on a bill this month.

Senate Democrats will not introduce legislation to ban members of Congress from trading stocks until after the November midterm election, according to Democratic Sen. Jeff Merkley of Oregon, a leading proponent of the legislation.

“I’m looking forward to getting this across the finish line, but it’s not going to happen before the election,” Merkley told Insider on Thursday. 

In February, Senate Majority Leader Chuck Schumer formed a working group for the purpose of developing consensus legislation that would stand a chance of passing the evenly-divided Senate, where floor time is valuable. The New York Democrat’s move came after Insider’s Conflicted Congress investigation revealed widespread violations of the Stop Trading on Congressional Knowledge (STOCK) Act and a slew of legislation was introduced to address the problem.

“I feel like we’ve made very large strides towards a consensus bill,” Merkley said during an interview in the US Capitol. “But there are a whole lot of other bills and judicial nominations lined up for the balance of the few days we have left here.”

Two other members of the Senate working group told Insider they couldn’t confirm Merkley’s assessment of the stock bill. But neither would refute it, either.

“I don’t have a comment,” said Democratic Sen. Jon Ossoff of Georgia. “Except what I’ve consistently said, which is that it’s time to vote.”

“There is no reason that we should not have a stock trading bill on the floor and vote on it,” added Sen. Elizabeth Warren, a Massachusetts Democrat. “Every day that we delay on passing meaningful restrictions on stock trading among members of Congress is a day that further erodes the credibility of this body.”

House Speaker Nancy Pelosi, Democrat of California, during her weekly press conference on Capitol Hill in August, 2022.

Merkley’s Senate news comes just a day after House Speaker Nancy Pelosi told reporters that the House may vote on legislation to ban congressional stock trading this month.

—unusual_whales (@unusual_whales) September 14, 2022

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Source:: Business Insider


Senate Democrats are punting a bill to ban members of Congress from trading stocks to the lame-duck session: ‘It’s not going to happen before the election’

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