Folks, I’m sipping my coffee and trying to make sense of this latest news from Washington. Senate Democrats have blocked a bill to restrict lawmaker stock trading, and I’m not entirely surprised. The bill, which was passed by the House in July, adds some new constraints on lawmaker stock trading, but Democrats say it doesn’t go far enough. And, of course, the Republicans had to go and add some voter ID requirements to the legislation, which was a big no-no for the Dems. I mean, who doesn’t love a good partisan squabble, right?
The vote was pretty predictable, with all Democrats opposing the bill and all Republicans supporting it. The final tally was 53 to 47, which is just a fancy way of saying “party-line vote.” The bill would have prevented lawmakers, their spouses, and dependent children from buying new stocks of publicly traded companies while serving in Congress, but it didn’t go far enough for the Democrats. They wanted a complete ban on stock trading, and they didn’t like the voter ID requirements that the Republicans added to the bill.
Now, I know some folks might be thinking, “Big Elephant, why are you being so flippant about this?” And my response is, “Well, bless their hearts.” This is just another example of Washington politics as usual. The Republicans and Democrats can’t seem to agree on anything, even when it comes to something as seemingly straightforward as restricting lawmaker stock trading. I mean, polls have consistently shown that the American people support banning members of Congress from trading stocks, so you’d think this would be a no-brainer.
But no, the Republicans had to go and add those voter ID requirements, which the Democrats saw as a poison pill. And let’s be real, folks, the voter ID issue is a whole can of worms that nobody really wants to open. President Donald Trump has been pushing for voter ID for a long time, and it’s an issue that’s likely to come up again in the run-up to the November elections. Somewhere in Atlanta, a producer is probably thinking, “You know what would be great? A big ol’ controversy over voter ID requirements!”
The House narrowly passed the bill in July, with only 13 Democrats joining the Republicans to support it. The legislation would have added some new restrictions on lawmaker stock trading, but it didn’t ban the practice outright. Lawmakers would still have been able to buy private stocks, keep stocks they already owned, and maintain certain investment funds. It’s not like they were going to be forced to live on a diet of ramen noodles and austerity, or anything.
The STOCK Act, which was passed in 2012, created some requirements for lawmakers to disclose their stock trades, but it didn’t do much to curb the practice. Under current law, lawmakers, their spouses, and children are permitted to make trades, but they have to report any activity within 45 days. They’re only required to disclose a monetary value range for trades, which is just a fancy way of saying “we’re not really sure how much they’re making.”
There is bipartisan support for restricting lawmaker stock trading, but the issue has still managed to splinter along partisan lines. Democrats want to ban the president, vice president, and their spouses from trading stocks, but the Republicans aren’t having it. Ahead of the vote, Senate Majority Leader John Thune praised the bill as “something that is broadly supported by the American people.” But Senate Minority Leader Chuck Schumer said it would only create “loophole after loophole,” and objected to the addition of the voter ID requirements.
Schumer said, “The bill Republicans are offering today is Swiss cheese legislating, creating loophole after loophole after loophole, and it’s a step backward to solving this critical problem.” He also said that if the Republicans really cared about stopping stock trading by members, they wouldn’t have loaded it up with a poison pill voter ID bill. You can’t make this stuff up, folks. It’s like they’re trying to create a controversy.
In conclusion, the Senate Democrats have blocked a bill to restrict lawmaker stock trading, and it’s just another example of Washington politics as usual. The Republicans and Democrats can’t seem to agree on anything, even when it comes to something as seemingly straightforward as restricting lawmaker stock trading. As I finish my coffee, I’m left thinking that maybe they should just stick to what they’re good at: creating loopholes and controversies. And that’s the way the cookie crumbles, folks.
Armchair patriot. Believes in the free market, cold beer, and that there’s always a guy named George behind every CNN segment.
Former remote-throwing champion turned #1 couch commentator on liberal panic in the media. Born in Texas (or so his mug says), he earned a degree in Fake Newsology & Beer Philosophy from YouTube University.
⚖️ ENTER THE LEGALIZER
Think the government has no idea what it's doing? Put your case before the Federal Case Terminal and find out.
