U.S. Senate votes to advance STOCK Act
Sen. Kristen Gillibrand (D-N.Y.) (July 13, 2009) Credit: Getty Images File
WASHINGTON -- Seeking to reverse broad public distrust of Washington, the Senate Monday overwhelmingly voted to advance a bill to bar members of Congress, their families and staff from insider trading.
In a bipartisan 93-2 vote, the Senate broke a filibuster of the measure, the Stop Trading on Congressional Knowledge Act or STOCK Act, based on bills offered by Sen. Kirsten Gillibrand (D-N.Y.) and Sen. Scott Brown (R-Mass.).
Gillibrand and Sen. Charles Schumer (D-N.Y.) voted yes.
The bill moves to the Senate floor Tuesday for debate and amendments. A vote is expected later this week.
The bill is aimed at lawmakers and those close to them who seek to benefit financially from trading on inside information they glean in the Capitol.
No lawmaker, however, has been prosecuted for insider trading, said Sen. Tom Coburn (R-Okla.), who with Sen. Richard Burr (R-N.C.) voted no.
Coburn also said laws against insider trading already apply to Congress. Gillibrand said legal experts testified there's ambiguity on that point.
The bill bars insider trading by members of Congress, staff and families; affirms that insider trading laws apply to Congress; requires lawmakers to file online reports of stock trades within 30 days of the transaction; and directs congressional ethics panels to write rules to enforce the ban.
The House version of the bill has 250 co-sponsors, enough for passage, but it won't be taken up until next month. House Majority Leader Eric Cantor (R-Va.) said he wants to expand the measure.
Last week, President Barack Obama said he'll sign it as soon as it hits his desk.
The legislation jumped from obscurity to the top of the agenda after CBS' "60 Minutes" reported that some lawmakers profited on stock trades during the 2008 economic crash.
