The Senate rejected a Republican-backed effort to restrict stock trading by members of Congress on Wednesday, with the measure falling short of the 60 votes needed to advance.

Senators voted 53-47 against advancing the Stop Insider Trading Act, which had already passed the House in July. The procedural vote prevented the legislation from moving forward in the Senate.

The bill would have prohibited members of Congress, their spouses, and dependent children from purchasing publicly traded stocks. Lawmakers would still have been permitted to keep stocks they already owned and sell them under disclosure requirements.

Democrats argued that the legislation did not go far enough, pointing to provisions that would allow lawmakers to retain existing holdings and continue certain transactions involving those investments. Some Democrats have advocated for a broader ban covering members of Congress as well as the president and executive branch officials.

The legislation also included a Republican-backed requirement for photo identification when voting in federal elections. Democrats called the provision a “poison pill,” arguing that it would make voting more difficult for eligible voters.

Senate Majority Leader John Thune defended the legislation, saying Tuesday that its provisions addressed issues that Americans “care deeply about.” Senate Democratic Leader Chuck Schumer opposed the measure and accused Republicans of using the legislation for political purposes.

The dispute comes amid continued scrutiny of lawmakers’ personal investments. A December study from Common Cause found that members of Congress from both parties made 13,324 trades totaling $635.6 million during the previous year.

The vote also comes as lawmakers campaign for the November 3 midterm elections, which will determine control of both chambers of Congress. Republicans currently hold narrow majorities in the House and Senate.