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With no fanfare, Congress moved to undo large parts of the popular law known as the STOCK Act, and President Obama has signed the watered-down measure into law. Insider trading is still illegal, but disclosures of large stock trades by staffers will be harder to get than under the original law.
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The House and Senate acted quietly without a vote. Instead, they sent the measure to the president's desk by unanimous consent.
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The Senate passed a bill Thursday to explicitly ban insider trading by members of Congress and the executive branch. But the legislation, known as the STOCK Act, is quite a bit weaker than earlier versions.
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The chairman of the House Financial Services Committee has previously denied any wrongdoing. Now, he says he welcomes the chance to clear his name.
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By a nearly unanimous vote this morning the House passed the STOCK Act. It will explicitly ban insider trading by members of Congress and their staffs.
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The House on Thursday passed a bill that would ban congressional insider trading. 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.
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Congress is looking more likely to pass a law restricting members' investments in firms about which they have inside information, thanks to a television report last year and President Obama's call during his State of the Union speech.