You are hereHuffington Post: STOCK Act: Insider Trading Bill To Receive Senate Vote Next Week

Huffington Post: STOCK Act: Insider Trading Bill To Receive Senate Vote Next Week


-By Ryan Grimm & Zach Carter

January 26, 2012- WASHINGTON -- A Senate bill banning the trading of corporate stocks by members of Congress based on nonpublic political information will see a vote next week, according to Democratic sources working on the bill.

"It'll be on the floor next week, either hotlined or an actual vote," one source said of the bill, known as the STOCK Act. Hotlining refers to the process of moving a bill through by unanimous consent.

A separate Democratic aide said that negotiations over amendments were still ongoing, which would make hotlining more difficult. A Democratic leadership aide, meanwhile, would only say that a vote was "possible."

The STOCK Act, authored by Sens. Kirsten Gillibrand (D-N.Y.) and Scott Brown (R-Mass.), would ban trading by members of Congress guided by nonpublic economic or political information. It would also improve disclosures of all stock trades and other financial maneuvers by members of Congress, by requiring them to publicly detail each transaction within 30 days. Lawmakers are currently granted a full year of secrecy before disclosing such financial activities.

The bill received a big boost on Tuesday when President Barack Obama called for its enactment during the State of the Union address.

"Send me a bill that bans insider trading by members of Congress; I will sign it tomorrow," Obama said.

Immediately after the speech, Senate Majority Leader Harry Reid (D-Nev.) told reporters he would back the bill.

The STOCK Act is the product of two different good-government bills, one authored by Gillibrand and another by Brown. Senate Homeland Security and Government Reform Committee Chairman Joe Lieberman (I-Ct.) merged the two bills, retaining a few elements of Gillibrand's that went further than Brown's.

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