Senate moves forward with insider-trading bill in 93-2 vote

by
January 31, 2012

By Josiah Ryan - The Hill

The Senate on Monday voted 93-2 to move forward with the Stop Trading on Congressional Knowledge (STOCK) Act, legislation that would prevent members of Congress from making investments and trades based on non-public information.

The bill, originally sponsored by Sen. Scott Brown (R-Mass.) and Kirsten Gillibrand (D-N.Y.), would ensure that existing insider trading prohibitions apply to members of Congress and staff.

Senate Majority Leader Harry Reid (D-Nev.) scheduled the cloture vote on the motion to proceed on the bill Thursday after President Obama demanded action on the issue in his State of the Union speech.

Reid said the legislation would help restore confidence in Congress by stipulating that profiting from privileged political intelligence is illegal.

“Members of Congress and their staffers have the duty to the American people,” Reid said. “They may not use privileged information they get on the job to personally profit. [This bill] will end any confusion over whether members of Congress can be prosecuted for the serious crime. They can be.”

Several members of the Senate, including Brown, Gillibrand and Joe Lieberman (I-Conn.), spoke in favor of the bill in the hour before the vote on Monday, but no senators spoke against it or seemed interested in slowing its progress. Sens. Tom Coburn (R-Okla.) and Richard Burr (R-N.C) were the only members to oppose it.

The STOCK Act saw a surge of support late last year when an investigation done by “60 Minutes” raised questions about profitable trades made by several high-ranking members of Congress, including Speaker of the House John Boehner (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.) Both lawmakers denied making trades based on inside information.

Brown said from the floor on Monday the “60 Minutes” investigation had “shocked” him.

To read more, visit: http://thehill.com/blogs/floor-action/senate/207497-senate-advances-congressional-insider-trading-ban

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