January 30, 2012

Insider trading bill moves forward in Senate

The Hill reports:

The Senate will meet at 2 p.m. for speeches, and then at 4:30 p.m. to start work on the Stop Trading on Congressional Knowledge (STOCK) Act, which aims to prevent members of Congress from making trades based on non-public information.

Senate consideration of the bill, S. 2038, comes as House Republicans are still deliberating on how to proceed with legislation that limits members' equity trading. House Financial Services Committee Chairman Spencer Bachus (R-Ala.) last month proposed a bill requiring members to set up blind trusts for their holdings.

The issue gained prominence following a 60 Minutes report that alleged members of Congress benefited financially from non-public information.