House Democratic leadership has so far failed to pass a bill that would stop members of Congress from trading stock. This is a priority for voters on both sides, and it has caused relative anger ahead of the midterm elections.
Democratic leaders on Tuesday unveiled draft legislation only days before Congress was set to have an extended recess. As a result, most lawmakers did not have the proper time to review the bill or try to look at possible amendments that would give the bill a better chance of passing.
Rep. Abigail Spanberger (D-Va.) on Friday said in a statement that Democratic leaders have been slow at considering her own stock trading proposal which has bipartisan backing and was proposed two years ago. She also noted that they did this in favor of a bill that was far more complicated and was not designed in a way that would allow it to succeed.
She said that this is a “failure of House leadership” and it is another example of the reasons why the Democratic party needs new leaders.
Speaker Nancy Pelosi (D-Calif.) said on Friday that the reason the bill did not make it to the floor is that it did not have enough votes to pass.
This has been seen by many as a major setback in the efforts to reform the stock trading sphere. Efforts that have so far been supported by both sides’ voters.
This public opinion has also intensified after Sen. Richard Burr (R-N.C.) dropped a large part of his portfolio after going to a private briefing about the impact of COVID-19 at the start of the pandemic. Pelosi’s husband’s trading has also highlighted this problem further.