The need to regulate stock trading by lawmakers is obvious to the bill’s supporters, who on this particular issue know well of what they speak. Members of Congress are privy to market-moving information before the general public on a near-daily basis. That is especially true in times of crisis, such as a major military buildup or the onset of a global pandemic, when the stock market is more volatile and lawmakers frequently receive classified briefings from senior government officials. They might not be able to discuss what they heard in public, but until the passage of the STOCK Act, it wasn’t clearly illegal for them to make money off it. House and Senate votes are themselves occasionally market-moving events, and lawmakers are usually the first to know whether a measure will pass or fail. One of the authors of the STOCK Act, former Democratic Representative Brian Baird of Washington State, told me that in moments of dark humor during major floor votes, a colleague would joke to him (and he emphasized that he was indeed joking): “We could make some money off this vote, right?”

In 2012, the authors of the STOCK Act believed an outright ban on stock trades was “a bridge too far,” Baird told me. But the pandemic-trading scandals propelled calls for new legislation, and more recent disclosures, including a lengthy investigation by Business Insider, have given the push added momentum. So, too, has Pelosi’s brush-off, which prompted the bill’s backers to redouble their efforts. “I fervently disagree with her,” Representative Abigail Spanberger of Virginia told me. Spanberger, a Democrat, first introduced legislation with Roy more than a year and a half ago. “There’s many professions where there are limitations placed on what someone can do financially. This requirement is an absolutely reasonable one for those of us who choose to enter this profession.”

The proposals would allow members and their families to keep control of investments in diversified mutual or index funds, U.S. Treasuries, and bonds. Kelly told me that in addition to preventing insider trading by lawmakers, requiring members to step back from active control of individual stocks would ensure that they aren’t taking votes on legislation based on how it would impact them financially.