Wisconsin’s Sixth District congressman says he’s disappointed after the U.S. Senate voted down a bill he’s supporting.
The Stop Insider Trading Act would generally prohibit Members of Congress and their spouses and dependent children from purchasing stocks and require public notice before they sell stocks.
Congressman Glenn Grothman says that, with congressional members having access to information that can affect the markets, he “does not believe anyone elected to serve the public should be able to use that position for personal financial gain.”
After the bill passed the U.S. House in July, it failed to make it through the Senate.
Rep. Grothman said this shouldn’t be a partisan issue and Members of Congress should be focused on “serving their constituents, not worrying about whether legislation or information they encounter in their official capacity could affect their personal stock portfolio.”
Wisconsin 1st District Congressman Bryan Steil introduced the bill.
All Wisconsin Republicans voted for the bill in the U.S. House and Senate, while all three Wisconsin Democrats on the federal level voted no.
Democrats support ensuring Congress can’t buy stock, but they also don’t want them selling stock.
