Congress Votes To Police Itself To Prevent Congressional Insider Trading

The Senate voted to bar members of Congress, their staff and most executive branch employees from trading stocks, commodities or futures based on non-public information they learn on the job.

The bill, passed 96-3 today, would require those people and workers in independent federal agencies to report any trades of $1,000 or more within 30 days. The requirement would cover about 300,000 employees, said independent Senator Joe Lieberman of Connecticut. The disclosure requirement wouldn’t apply to widely held investment funds.

House Majority Leader Eric Cantor said he will schedule House action next week on the Senate bill.

President Barack Obama welcomed the Senate passage and urged the House to act quickly to send it for his signature. He also called on lawmakers to pass legislation that would prohibit members of Congress from owning stocks in industry affected by their actions and bar political fundraisers from lobbying.

Congress to police self on Congressional  insider trading..

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