- Prohibits Members of Congress, employees of Congress, and all federal employees from using "any nonpublic information derived from the individual's position as a Member of Congress or employee of Congress, or gained from performance of the individual's duties, for personal benefit."
- On Nov. 13, 2011, 60 Minutes reported that several members of Congress allegedly used insider information for personal gain
- Both House and Senate bills passed with a clear majority: 417-2 in the House, 96-3 in the Senate
Washington DC, Feb.10.─ The Stop Trading on Congressional Knowledge Act (STOCK) was passed in an overwhelming vote of 417-2, by the House. STOCK, is an ethics reform bill that makes it illegal for members of Congress and the executive branch to engage in financial trades based on non-public information they receive in their positions. This bill is an amendment by the House GOP, to the bill passed by the Senate last week.
Critics have voiced some concerns for the bill, such as the accusation that "House Republican leaders caved in to investment firms to eliminate a proposal to regulate people who try to pry financial information from Congress." Senator Charles Grassley (Iowa-R) said, "It's astonishing and extremely disappointing that the House would fulfill Wall Street's wishes by killing this provision. The Senate clearly voted to try to shed light on an industry that's behind the scenes."
With the passing of the legislation, the House and Senate will now have to work out a compromise agreement between the two versions of the bill ...
[ Full text ] http://compliancesearch.com/compliancex/insider-trading/house-passes-bill-to-ban-insider-trading-on-capitol-hill/?utm_source=February+9%2C+2012&utm_campaign=February+9+Newsletter&utm_medium=email
[ More details ] http://blog.chron.com/txpotomac/2012/02/house-insider-trading-bill-questioned-by-ethics-watchdog-groups/
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