The U.S. Senate failed to advance a Republican-led bill on Wednesday that combined new restrictions on congressional stock trading with federal voter identification requirements. The Stop Insider Trading Act, which also included provisions from the SAVE America Act, fell 53-47 as Senate Democrats remained unified in their opposition to the measure.
The failed legislation was a combined package that attached a new voter ID requirement onto a base bill designed to prohibit members of Congress, their spouses, and their dependent children from purchasing new stocks in publicly traded companies. The House of Representatives had previously approved the measure with a 232-192 margin.
Under the provisions of the bill, lawmakers would have been required to provide public notice between seven and 14 days in advance of any stock sale. The legislation also established penalties for violations, including a fine of $2,000 or 10 percent of the investment value, whichever is greater, along with the forfeiture of any net gain realized from the sale.
Senate Republicans, including Nebraska Senator Pete Ricketts, advocated for the bill as a means to restore integrity to Congress. On Monday, Ricketts stated on social media that the bill would ban congressional insider trading and represented commonsense legislation.
Senate Democrats criticized the bill for being a diluted version of previous bipartisan efforts aimed at preventing members of Congress from profiting from non-public information. Minority Leader Chuck Schumer, D-N.Y., argued on the Senate floor that the Senate GOP had stripped the ban of its accountability and included "poison pills" to ensure its failure.
Schumer further criticized the bill for failing to address the trading activities of Donald Trump, noting that Trump has made nearly 30,000 stock trades in the past year, generating billions in gains—more than the collective total of all members of Congress. Schumer also argued that the voter ID provisions would make voting more difficult in every state and described the legislation as a radical scheme to rig elections.
The debate over the bill's voter ID provisions was heightened by arguments regarding election security. Senator Mike Lee, R-Utah, cited a Department of Justice indictment announced Wednesday regarding allegations that 10 noncitizens had voted in a previous election to support the necessity of the legislation.
However, research and historical data suggest that widespread voter fraud is extremely rare. A 2024 database published by the Heritage Foundation, which surveyed millions of votes cast across seven states over several decades, found reported cases of fraud to be less than 1%, according to an analysis by the Brookings Institution.
Regarding the broader context of election integrity, a Brookings Institution report from October 25, 2024, noted that while some counties might attempt to refuse to certify elections, widespread election fraud in the United States is not common.
The proposed voter ID requirements under the bill would have required voters to present a current state-issued driver’s license, identification card, passport, valid military or veteran ID, or a tribal government-issued ID card.
For voters lacking these specific forms of identification, the bill allowed for the issuance of a provisional ballot. These voters would have had three days to provide the required ID or submit an affidavit stating they could not obtain one due to religious objections to being photographed.
Additionally, the measure would have prohibited state officials from accepting absentee ballots unless the voter provided a copy of a valid ID, the last four digits of their Social Security number with an affidavit, or a notarized statement confirming they personally completed the ballot.
The Stop Insider Trading Act was introduced in March of this year as companion legislation to a bill introduced in the House of Representatives by House Administration Committee Chairman Bryan Steil in January of this year. While 13 House Democrats supported the House version of the package, the Senate vote on Wednesday failed to reach the 60-vote threshold required for most legislation to advance.
