November 28, 2011

Heller cosponsors anti-insider trading bill

Nevada Senator Dean Heller (R.) joined five of his colleagues in cosponsoring a bill that would ban members of Congress from making stock trades based on non-public information.

The bill, S.1871, was introduced just before the Thanksgiving recess and is meant as a companion bill to H.R. 1148, also known as the Stop Trading on Congressional Knowledge (STOCK) Act, which was originally introduced by Rep. Tim Walz (D., MN) in March, but has since gained over 100 cosponsors from both parties, including Nevada's Joe Heck (R.).

Scrutiny over congressional trading has picked up since a "60 Minutes" story aired earlier in the month revealing lawmakers from both parties, including former Speaker of the House Nancy Pelosi (D., CA) and current Speaker John Boehner (R., OH), have profited from stock decisions based on information they learned dealing with legislation that wasn't available to the public.

Walz's bill hasn't been considered by the House, but since the "60 Minutes" report, Walz urged Congress to consider the bill, claiming no action on the bill would "only promote the ongoing distrust of Congress."