A House-passed bill to restrict members of Congress from buying and selling stocks failed on the Senate floor Wednesday in a party-line vote, with Democrats insisting it would not do enough to curb lawmakers’ trading.
Senators voted 53-47 on advancing the Stop Insider Trading Act, short of the 60 votes needed. Every Democratic and independent senator voted to reject the measure, which would prohibit members and their spouses from purchasing individual stocks and institute new reporting requirements.
Among other criticisms, Democrats argued the bill would not require lawmakers to sell stocks they already own.
“The Republican toothless stock trading bill is as ineffective as a screen door on a...
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