By SUZANNE DOWNING
Oct. 1, 2026 – Senate Democrats went all-or-nothing on Wednesday, denying passage of legislation restricting congressional stock purchases. Democrats unanimously opposed a bill that Alaska Congressman Nick Begich worked hard to move through the House.
The Senate voted 53–47 on the Stop Insider Trading Act, but it was seven votes short of the 60 needed to overcome the procedural hurdle and begin consideration. Every Republican voted yes, including Alaska Sens. Dan Sullivan and Lisa Murkowski. Every Democrat, along with the two independents who caucus with Democrats, voted no.
Democrats said the restrictions did not go far enough and objected to a provision requiring photo identification for voting in federal elections. The result was that a bill imposing new limits on lawmakers’ investments could not even advance to debate.
Begich, a Republican, was an early supporter of the legislation. Rep. Bryan Steil, R-Wis., introduced H.R. 7008 on Jan. 12. Begich joined as a cosponsor the following day, placing him among its earliest backers. His office announced his support in a Jan. 15 press release.
Begich subsequently voted for the measure when the House passed it July 22. The bill cleared the House 232–198, with 13 Democrats joining Republicans.
The Alaska Story previously covered Begich’s early support for the legislation and its passage through the House.
Under the House-passed bill, members of Congress, their spouses, and dependent children generally would be prohibited from purchasing individual stocks issued by publicly traded companies. They could retain existing holdings, but sales would require public notice seven to 14 days beforehand.
The measure includes exceptions for certain investment funds, dividend reinvestments, and specified occupational transactions involving spouses or dependent children. Violations could trigger a fee of $2,000 or 10% of the transaction’s value, whichever is greater, plus any net gain.
Those exceptions and the ability to retain existing portfolios were what Democrats opposed. Democrats also opposed the photo ID requirement Republicans added before House passage, calling it a “poison pill.”
Republicans argued the House bill offered an achievable step toward restoring public confidence.
“Public service is not a profit-making business,” said Sen. Pete Ricketts, R-Neb., who sponsored the Senate companion. He noted that House Democrats had helped pass the legislation.
For Alaska voters, the vote also brings the stock-trading dispute in the Sullivan–Mary Peltola Senate race into focus.
Sullivan’s campaign has rejected accusations that he violated insider-trading laws. His personal investments, like those of many Alaskans, are held in broad-based mutual funds whose individual trades he does not direct. Individual stocks inherited following his parents’ deaths were sold by independent advisers without his prior knowledge; he filed disclosure forms upon learning of the transactions, and no penalties or charges were assessed.
Peltola lied about that. Missing a STOCK Act disclosure deadline is simply a reporting violation, not a stock trade. Lawmakers miss reporting deadlines all the time. In fact, Peltola has missed several herself:
She demanded extensions for her required House personal financial reports in 2023 and 2024. LegiStorm lists additional extension filings in 2025 and 2026.
Sullivan is also a cosponsor of the bill the Democrats just voted down: S. 4134, the Senate’s Stop Insider Trading Act. His legislative record lists his support for the House companion measure beginning March 24, shortly after it was introduced.
Senators are now leaving Washington until after the Nov. 3 midterm elections. Wednesday’s defeat shuts down the immediate path to passage before voters cast their ballots.
Senate Democrats’ “all or nothing” demand for a broader ban has left the existing congressional stock-trading rules in place.
3 thoughts on “All or nothing: Senate Democrats block stock-trading restrictions backed by Begich and Sullivan”
If this was a sincere effort to stop insider trading by congress members they would have left out the voter ID provision. This is just meaningless political maneuvering intended to produce a talking point for the election. It’s a waste of my tax money. You fell for it again Suzanne, or is this deliberate gaslighting on your part?
Of course it was gaslighting Jean, just like the Korean gas pipeline misinformation and the next 4 weeks of propaganda coming our way. Alaskan Independents are tired of seeing the billionaires posing with Trump everyday while we struggle with day to day costs. Vote these Trump enablers out! ChatGPT – Who are the top ten spreaders of disinformation in the USA? Pretty much the who’s who of the right wing party!
Of course all of the Demon-Cats would vote against this bill. Their lame excuse is that the bill contained a provision to provide ID to vote. Same ID you need to get on an airplane, purchase liquor, drive an automobile, purchase a handgun etc. etc. etc. Illegal stock trading, fraud and bribery are all long-time hallmarks of the “community servant” Democrats. How do you think Nancy Pelosi got incredibly rich. How do you think poor “community organizer” became a billionaire?