facebook
twitter
rss
account
search
search
 

Senate OKs Congress insider-trading ban

Feb. 2, 2012 at 7:06 PM   |   Comments

WASHINGTON, Feb. 2 (UPI) -- The U.S. Senate voted Thursday to approve a ban on insider trading by members of Congress, and President Barack Obama urged the House to follow suit.

By a vote of 96-3, the Senate approved the Stop Trading on Congressional Knowledge Act, which would prohibit members of Congress from gaining financially by trading on information they are privy to before it becomes public. However, the Senate rejected several amendments evidently intended to put more limits on personal financial dealings by members of Congress, The Hill reported.

Obama -- who called in his State of the Union address last week for a ban on insider trading by members of Congress -- said the House should pass the STOCK Act and promised he would sign it "right away."

"And while this is an important step to rebuild the trust between Washington and the American people, there is much more work to be done, like prohibiting elected officials from owning stocks in industries they impact, and prohibiting people who bundle campaign contributions for Congress from lobbying Congress, an idea that has bipartisan support outside of Washington," the president said in a statement issued by the White House. "These are straightforward proposals that will help eliminate the corrosive influence of money in politics."

Topics: Barack Obama
© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Poland buys medium-range missiles from U.S. Poland buys medium-range missiles from U.S.
2
Rutgers sophomore Caitlyn Kovacs dead after visit to Delta Kappa Epsilon frat house Rutgers sophomore Caitlyn Kovacs dead after visit to Delta Kappa Epsilon frat house
3
Man who raped pit bull puppy sentenced to five years in prison Man who raped pit bull puppy sentenced to five years in prison
4
Great white shark circling surfers photographed by drone Great white shark circling surfers photographed by drone
5
Watch: News anchor resigns live on-air to sell pot, '[Expletive] it, I quit' Watch: News anchor resigns live on-air to sell pot, '[Expletive] it, I quit'
Trending News
Video
x
Feedback