February 9, 2012

House passes bill banning insider trading

The House on Thursday overwhelmingly passed a bill to ban insider trading by congressional lawmakers, their staffs and executive branch employees.

The House on Thursday overwhelmingly approved its scaled-back version of an ethics reform package that would prohibit insider trading on Capitol Hill and in the executive branch.

On a 417 to 2 vote, the legislation won approval despite complaints from senators and House Democrats that GOP leaders stripped the measure of several key reforms that the Senate had easily approved.

Despite those concerns, lawmakers agreed the best step was to approve this version and head to a House-Senate conference to hash out the differences between the two bills.