Democrats in the Senate blocked a Trump-backed bill to prohibit stock purchases on the exchange

Democrats in the Senate blocked a Trump-backed bill to prohibit stock purchases on the exchange
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Following Nancy Pelosi's school of thought, the Democratic Party rejected a ban on lawmakers buying stocks

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The Democratic senators voted against a bill sponsored by Republicans and President Donald Trump that prohibited stock trading for members of the United States Congress this Wednesday.

The legislation —introduced by Republican Senator from Nebraska, Pete Ricketts—was passed by the House of Representatives a few months ago and also included a voter identification requirement. Essentially, the legislative document prohibited members of Congress, their spouses, and children from buying shares of publicly traded companies.

The "Stop Insider Trading Act" (Stop Insider Trading Act) needed 60 votes to advance in the Senate and reach President Donald Trump's desk for signing, but it failed with a result of 53 to 47, with all Democratic senators opposing and blocking the bill.

Senate Democratic leader Chuck Schumer justified his bloc's refusal by calling the bill a "poison pill" after Republican leader John Thune announced the vote. For the opposition party, the voter identification requirement contained in Ricketts' bill undermined mail-in voting and, therefore, could not be approved.

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