> have been bills introduced to ban members of Congress from insider trading but, amazingly, they keep getting shot down in committee
This is incorrect. The STOCK Act banned insider trading by members of Congress in 2012 [1]. Disclosure requirements for staffers were amended in 2013 [2], but prohibitions on Congressmen remain in force [3].
> but prohibitions on Congressmen remain in force [i.e. 2020 congressional insider trading]
Is it really "in force" when, despite much ado, no charges were brought in the linked scandal [1][2]? I don't really have a horse in this race, I just took issue with the particular example you referenced.
> when, despite much ado, no charges were brought in the linked scandal
A Senator’s phone was subpoenaed by the FBI. That’s substantial. (The allegation was Burr had insider information on broad market movements. Absent direct evidence he misappropriated privileged information, that’s a tough charge to bring. Had he bought e.g. Moderna shares, prosecutors may have had a case.)
The whole thing, moreover, came to light because of the STOCK Act. There are now calls for bans on individual stock trading by Congressmen as a result of the evidence from these scandals.
I’m not defending the status quo. But it’s definitely improving and not a free for all.