Why Democrats are gearing up to oppose a bill to curtail stock trading in Congress

""This bill is a scam. It is not a congressional stock trading ban,""

""It is written precisely for the wealthiest members of Congress.""

""The focus of the bill is not to make elected officials poor,""

""The focus is to prevent them from benefiting off their insider information.""

The Committee on House Administration passed the Stop Insider Trading Act, which would ban sitting members of Congress, their spouses, and dependent children from buying new stocks in publicly traded companies. The bill allows lawmakers to keep existing stock holdings and permits sales of existing stocks with at least seven days' disclosure. The measure also includes a provision allowing family members to trade stocks on behalf of another person. Republican supporters say the bill prevents officials from benefiting from insider information while preserving service by financially successful individuals. Democrats criticize the bill as inadequate and containing loopholes that benefit wealthy members, and they plan to oppose it as the full House vote approaches.

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