Tagged: STOCK Act

The Senate passed a bill Thursday to explicitly ban insider trading by members of Congress and the executive branch, and that means the Stop Trading on Congressional Knowledge Act is headed to the president's desk.

But this STOCK Act is quite a bit weaker than earlier versions.

The STOCK Act has been on a glide path ever since an explosive 60 Minutes story last fall highlighted the issue of members of Congress apparently profiting on nonpublic information.

The Washington Post broke this story last evening:

"The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case.

By a nearly unanimous vote this morning the House passed the STOCK Act, which as NPR's Tamara Keith has reported, "would, among other things, explicitly ban insider trading for members of Congress and their staffs."

The vote was 417-2, with 14 members absent. The two nay votes were from Rep. John Campbell, R-Calif., and Rep. Rob Woodall, R-Ga.

The House on Thursday passed a bill that would ban congressional insider trading. The STOCK Act passed overwhelmingly, 417-2, despite some partisan disagreements over its scope.

With congressional approval at all-time lows, the bill was widely seen by lawmakers as a small step in restoring public confidence. But differences remain to be worked out with a Senate measure, passed last week, before a bill could be sent to President Obama.