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The Senate has passed the STOCK (Stop Trading On Congressional Knowledge) Act, which forbids members of Congress from trading stocks based on nonpublic information they have picked up through their work in Congress.
The Senate has passed the STOCK (Stop Trading On Congressional Knowledge) Act, which forbids members of Congress from trading stocks based on nonpublic information they have picked up through their work in Congress, CBS News reported.
The legislation, which Congress took up following a “60 Minutes” story on insider trading in the legislative branch that was broadcast in November 2011, passed on a 96 to 3 vote.
More from GlobalPost: Insider trading in Washington, D.C.?
Senators voted on a series of amendments today that extended the conflict-of-interest rules in the bill, the Washington Post reported. Among the additional reforms that passed: an extension of the insider-trading restrictions to senior members of the executive branch and a ban on bonuses for senior executives at Freddie Mac and Fannie Mae.
According to Reuters:
After years of languishing, the disclosure bill has gained momentum at a time when voters are fed up with Congress. Opinion polls in recent months have pointed to public approval ratings for Congress hovering around 10 percent.
"We need to reassure a skeptical public that we understand elective office is a place for public service, not for private gain," Sen. Susan Collins, R-Maine, told Reuters.
The bill now moves to the House, CBS News reported. House Majority Leader Eric Cantor said the House would review the legislation next week.