Oregon Sen. Jeff Merkley speaks out after Democrats block Republican stock trading bill, says ‘the bill Republicans are pushing is a sham’

Oregon – Sen. Jeff Merkley is calling for a complete ban on stock trading by members of Congress after the Senate rejected a Republican-backed bill that would have placed new restrictions on lawmakers’ ability to buy and sell individual stocks.

“People should know their elected officials are working in the public interest, not to pad their portfolios,” Merkley said. “We need to ban members of Congress from trading stocks, full stop.”

Merkley, an Oregon Democrat, argued that the Republican proposal does not go far enough and accused Republicans of pushing a “sham” measure because it would still allow lawmakers to hold and sell individual stocks.

“But the bill Republicans are pushing is a sham,” Merkley said. “It allows the holding and selling of individual stocks, leaving in place the stock trading corruption.”

His comments came after the Senate on Sept. 30 voted 53-47 against advancing the Republican-backed Stop Insider Trading Act, falling short of the 60 votes needed to move forward.

The legislation had already passed the House in July in a 232-198 vote, with support from some Democrats. The bill would prohibit members of Congress, their spouses and dependent children from purchasing individual stocks while in office. However, it would allow lawmakers to keep stocks they already own and continue selling them, with advance public disclosure required before a sale, per reports.

That provision became a major point of disagreement for Democrats, including Merkley, who has pushed for broader restrictions that would prevent lawmakers from holding, buying or selling covered investments.

Merkley’s own Ending Trading and Holdings in Congressional Stocks, or ETHICS Act, would take a more expansive approach. The legislation would prohibit members of Congress, the president, vice president, their spouses and dependent children from buying, selling or holding covered investments. Merkley has been advocating for restrictions on congressional stock trading for more than a decade.

The Republican-backed bill also became entangled in a separate dispute over voting requirements. Republicans included provisions requiring photo identification for voting, which Democrats opposed and described as a “poison pill” that made it harder for them to support the stock-trading legislation.

The stock-trading debate comes amid continued scrutiny of the financial activities of members of Congress. A study cited by Reuters found that lawmakers executed more than 13,000 stock trades worth approximately $635.6 million in 2025. Critics of congressional stock trading have argued that lawmakers can face conflicts of interest because they participate in writing legislation and receive information that can affect publicly traded companies.

Supporters of the Republican bill have argued that restricting new purchases and requiring advance disclosure of sales would provide additional safeguards while allowing lawmakers to manage investments they already own. The bill also includes exceptions for certain broadly diversified investment funds, CBS News reported.

Merkley, however, said the Senate should pursue what he considers a full ban rather than restrictions that leave existing individual stock holdings in place.

“We have bipartisan momentum—let’s pass REAL reform,” Merkley said. “Let’s pass REAL reform.”

The disagreement highlights a broader divide in Congress over how far lawmakers should go in separating their personal investments from their legislative responsibilities. While there has been bipartisan interest in addressing congressional stock trading, lawmakers have remained divided over whether the solution should restrict new purchases, require divestment of existing holdings or impose a complete ban on individual stock ownership and trading.

Merkley said the goal should be to eliminate questions about whether a lawmaker’s financial interests could influence decisions made on behalf of constituents.

“There should be no question about whether a lawmaker is voting on or writing legislation in the best interest of their constituents or the best interest of their investments,” Merkley said in a statement after the Senate vote.