WASHINGTON—One day after scheduling a vote on legislation banning insider trading in Congress, a House committee canceled the vote, saying there isn't enough agreement to proceed.

Rep. Spencer Bachus (R., Ala.), chairman of the House Financial Services Committee, postponed the vote after meeting with senior House Republicans. "A significant number of members of the committee on both sides of the aisle have indicated a desire for additional time to study this issue before the committee moves forward with the markup that was...