SerpApi.Org
After months of delay, the House of Representatives passed a Republican-backed congressional ban on stock trading with a 232-198 vote, according to the House's website.
Thirteen Democrats and one independent joined all Republicans in voting for the bill. The legislation would allow members of Congress, their spouses, and dependent children to keep the stocks they already own but would prohibit them from buying new equities. It also requires them to file a public notice with the House clerk at least seven days before selling an existing stock.
Violations would require the Congressional legislator to pay a fee that's equal to the greater of $2,000 or 10% of the transaction value, plus any net gain realized from the transaction during the specified period.
While Democrats have broadly supported a stock trading ban, some have argued that this bill, introduced by Bryan Steil (R-WI), falls short of meaningful reform and doesn't apply to the executive branch, The Hill reported.
The bill was amended to include a section that requires people to provide photo ID to vote, The Hill said.
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