From the Community: Senate to vote on insider trading bill
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Senate to Vote on Bill Banning Congressional Insider Trading
Submitted by jeffissleeping
Next week, the Senate will reportedly vote on the STOCK Act, a bill that would ban the insider trading in Congress based on nonpublic political information.
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.
The community shows its support of the legislation:
Leen61: "This bill better pass. These political whores have been cashing in through their political offices for decades while the working class struggles. This BS has to end!"
floydyboy: "What?! How is this legal now? I, uh, what!?! I can't believe this...this better pass or they should all be hung. I agree Truth, f*ckin swine they are."
Truthitswhatsfordinner: "Good start but this is like them voting on pay raises for themselves."
jeffissleeping: "This is a good first step....let's see if they go one step further and do something about Citizens United."
The vote is scheduled for 5:30 p.m. on Monday, requiring 60 votes.
Join the discussion -- or head over to the Community page for more popular stories from the community.
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realserious
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The last I heard, Insider Trading was against the law. If I practiced this my ass would be locked up in jail. Double standard here?
- 27 days ago
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realserious
