Congressional stock trading ban bill to get its first vote Wednesday: Here's what you need to know

Summary

CNBC's Emily Wilkins reports on a congressional bill to ban stock trading by lawmakers, which is getting its first vote. The bill would bar new stock purchases but retains loopholes allowing futures, commodities, stock sales with notice, and dividends. Democrats oppose it as too weak, while a separate Democratic proposal would also ban stock purchases by the president. The bill has more momentum than past efforts but still faces a House floor path.

• Congress is holding an initial vote on a bill to ban lawmakers from buying new stocks while in office.
• The bill would still allow futures and commodities trading, stock sales with seven days' public notice, and use of dividends.
• Critics say the loopholes would let members benefit from insider information.
• Democrats largely oppose the bill as a watered-down half measure.
• Congressman Seth Magaziner plans to force a vote on a stricter Democratic bill covering the president.
• Republican leaders have committed to a House floor vote, giving the effort more momentum than past attempts.
• No direct investable or trading angle is discussed.