NM Dems reject bill to stop congressional stock trading
All three of New Mexico’s Democrat members of the U.S. House voted against a bill to restrict congressional stock trading, even as public frustration grows over lawmakers profiting while in office.
The House passed H.R. 7008, the Stop Insider Trading Act, on July 22 by a vote of 232-198. Every voting Republican supported the bill, along with 13 Democrats and one independent. But New Mexico Reps. Teresa Leger Fernández, Melanie Stansbury, and Gabe Vasquez all voted no.
The legislation would bar members of Congress, their spouses, and dependent children from purchasing individual securities issued by publicly traded companies while the member is in office. It would also require members to file public notice before selling covered investments and impose penalties for violations, including a fee of $2,000 or 10% of the value of the covered investment, whichever is greater, along with forfeiture of any realized profit from an improper sale.
The bill now heads to the Senate.
Republicans framed the vote as a long-overdue ethics reform aimed at stopping lawmakers from using their positions, briefings, and access to inside information to benefit financially.
Committee on House Administration Chairman Bryan Steil, R-Wis., called the legislation “a major step forward for ethics reform on Capitol Hill.”
“It ensures no lawmaker can profit off of insider information,” Steil said. “I urge my Senate colleagues to quickly take it up and send it to President Trump’s desk.”
But most House Democrats opposed the final bill, claiming it did not go far enough and objecting to the inclusion of voter ID language. Critics on the left argued the bill would still allow lawmakers to keep existing holdings and sell them with notice.
That argument did not stop 13 House Democrats from crossing party lines and voting for the measure.
In New Mexico, the vote immediately became political ammunition.
Martin Zamora, the Republican challenger running in New Mexico’s 3rd Congressional District, blasted Leger Fernández for voting no while her own financial disclosures face scrutiny.
According to Zamora’s campaign, Leger Fernández’s net worth grew from $1.38 million when she took office in 2021 to $2.19 million in her most recent filing from 2024 — an increase of nearly 60%. Her disclosure for calendar year 2025 was legally due May 15, 2026, but Zamora’s campaign said she requested and received a 90-day extension, pushing her filing deadline to August 13.
Zamora called her vote “a clear signal of whose interests Washington insiders protect first.”
“Thirteen House Democrats crossed the aisle to vote for basic transparency and accountability. Teresa Leger Fernandez wasn’t one of them,” Zamora said. “New Mexicans are struggling to pay for groceries and gas, and their congresswoman just voted down a bipartisan bill that would stop members of Congress from trading on information the rest of us don’t have.”
“Meanwhile, her own net worth has grown by nearly 60 percent since she got to Washington, and her latest financial disclosure is delayed past the deadline,” he added. “New Mexico families deserve answers, not extensions.”
Zamora called on Leger Fernández to release her 2025 financial disclosure immediately rather than waiting until the extended deadline.
“If there’s nothing to hide, there’s no reason to wait until August,” Zamora said. “New Mexicans have a right to know whether their representative in Washington is working for them or for her own portfolio.”
Vasquez, who represents southern New Mexico’s competitive 2nd Congressional District, tried to have it both ways in a July 22 post on X.
“I support banning members of Congress from trading stocks and profiting off their positions of power, and I support commonsense voter ID requirements to keep our elections secure,” Vasquez wrote.
But he then attacked the bill itself.
“Unfortunately, this MAGA-led bill, H.R. 7008, does neither,” he claimed.
Vasquez’s statement came as he heads into another election year in one of the state’s most closely watched congressional districts. Critics are likely to see his position as election-year cover: claiming to support a stock-trading ban in theory while voting against the bill that actually passed the House.
The final roll call was clear. Republicans voted yes. A small group of Democrats voted yes. New Mexico’s House Democrats voted no.
For voters who believe members of Congress should not be able to trade on information unavailable to ordinary Americans, the vote gives them a simple question to ask: why did New Mexico’s Democrat delegation oppose even this step toward accountability?
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