E-mail updates
Follow on Twitter
Subscribe to RSSA ban on insider trading by members of Congress cleared a key procedural hurdle Monday in the Senate, moving toward final passage and a House vote on similar legislation later next month.
A bipartisan group of senators voted 93 to 2 in favor of ending debate on the STOCK Act, a piece of legislation meant to prohibit members of Congress, their families and staff from using any information gleaned while working on the Hill to execute stock transactions.
The legislation 60 votes to attain "cloture," or limit debate and move toward final passage. The bill will be debated and amendments will be attached over the next week. It's unclear when the final vote will occur.
The House version will expand certain restrictions on insider trading to White House staff and is also expected to create clear restrictions on members of Congress making land deals using insider information. The House is looking to move on that legislation within a month.
"Leader Cantor plans to move an expanded version of the STOCK Act through the House in February to make it clear that those in Congress are subject to the same laws as everyone else," Laena Fallon, a spokeswoman for Cantor's office told NBC.
Fervor over insider trading on Capitol Hill reached a peak last fall following the airing of a "60 Minutes" segment questioning whether lawmakers including House Minority Leader Nancy Pelosi (D-CA) and Speaker John Boehner (R-OH) made investments based on their knowledge of legislative activity to which they would be privy.
Pelosi and other lawmakers named in the piece disputed any allegation of impropriety, but a number of lawmakers in the meanwhile proposed versions of the STOCK Act to address any perception of poor ethics.
President Obama lent his support to the legislation in his State of the Union address. "Send me a bill that bans insider trading by members of Congress; I will sign it tomorrow," he said. On Monday, his administration issued a formal endorsement of the Senate bill.
Today during a conference call, Sens. Kristen Gillibrand (D-NY), Jon Tester (D-MT), and Debbie Stabenow (D-MI) each said the STOCK act was important to pass to remind the American people that Congress can actually achieve something.
"The American people need to know that their elected leaders play by the exact same rules that they play by," Gillibrand told reporters, "We have to show, number one: we're not above the law, number two: that we play by the same exact rules as every other american, and three: that we can actually get something done."
But each also admitted that the Senate bill, in its current form, does not have support with the Republican leadership in the House, something that will likely result in the two versions of the bill being "conferenced" after they pass their respective chambers. "We're not opposed to working together," Stabenow said.
But the three lawmakers did not hold back the frustration they have with House Republicans, who stopped a mark-up of the STOCK Act in it's current forms late last year after Cantor decided that the bill needed to be expanded.
"The fact that House Republican leadership is unwilling to take up a bill that already has fantastically strong bipartisan support shows their inability to lead on an issue that the people have agreement on," Gillibrand said, "If Eric Cantor wants to lead another piece of legislation, God bless him."
Leave a Comment:
People want to think that Congress can actually get something done......How about getting something NEW done instead?
Congress spends more time passing laws except the laws they are passing already exist. Insider trading is already illegal. I can't find anywhere in the existing law that says it's illegal --- except if you are in Congress.
Frank-Dodd imposes regulations on trading, investment and banking activity. Except there are already laws and regulations on trading, investment and banking but many of those laws were not enforced.
Illegal immigration is also illegal. That doesn't keep states from passing laws making illegal immigration illegal, and it doesn't stop the Justice Department from calling the states' laws on illegal immigration illegal.
Congress should be passing a law that says it is lawful to enforce the laws already on the books. Except the laws that are on the books are supposed to be already enforced so do we need a law to enforce a law?
No wonder our government is so messed up.
Leader Eric Cantor planning and expanded version of the STOCK bill will probably include items that could kill the bill. What is significant is the Republican leadership does not like the version currently written and could change it or water it down. These are the tactics of those who want to keep Status Quo. Anytime Eric Cantor is involved with legislation and bills in the House, expect changes or inclusions that could or will kill the bill. He would scuttle his mother's car to keep her from voting him out of office.
Absolutelyy right Rudy.The only time that you see Republican congressmen push forth legislation is when it benefits the top 2%. They go on FUX news and complain that Obama isn't doing enough to create jobs, then when he tries to create jobs (to help rebuild our infastructure) ....they call it socialism. They're dix.
Just that simple.
Someone said earlier that the Tea party was "holding out" for stronger legislation.???! Hahahahahaha. Wha the fu?? Would these be the same Tea Partiers that were riding the Koch buses during the health care debates and town halls ?? Bullying the old folks and carrying side arms...?Yeah .....right.....they're our saviors. Nothing but a bunch of Bass Ackwards Hillbillies. ...Hey...when you guys are out campaigning for Koch Industries...er...uh...who's home gaurding the meth lab??
They won't pass it..........
Members should be required to disclose major transactions in the same time as it is for everybody else and make this information available online for their constituents. Business people have a two day limit to file transactions, but most corporates file in one day. When a double standard on reporting time exists, it looks like congress is trying to cover something up.
Members should be required to disclose major transactions in the same time as it is for everybody else and make this information available online for their constituents. Business people have a two day limit to file transactions, but most corporates file in one day. When a double standard on reporting time exists, it looks like congress is trying to cover something up.
As if something as simple as another Law that our crooked politicians will obey. Its funny that its not against the law for these crooks to use insider trading info to make more money. that's ur 1% for you. While the 99% get reamed by crooks who waste tax dollars every single day.
Congress can try whatever last ditch effort they want to try and raise their approval ratings, but it is too late. America, it is time to purge congress!! Vote out ALL the corrupt bums!!
This Bill will 1000% pass.
All the kvetching on both sides of the aisle after the 60 Minutes story (that damned Liberal media...) shined the light on this,there is no way either side will want to take the deserved hit that they would for killing this legislation.
I have to disagree with some here that say the Tea Partiers will try to kill it. I doubt that very much. They may,many of them,take their marching orders from the Koch brothers and Dick Armey but they also know that they can't spit in the faces of those who elected them and polling shows that Tea Party leaning VOTERS are just as outraged by this behavior as anyone else.
The President showed leadership by throwing down the gauntlet on this at the SOTU address and the Senate has picked up the ball and run with it. Kudos to BOTH sides.
By the by I don't know about the other Senator who voted against this but as to Tom Coburn I would be surprised if his no vote was for anything other than being for a STRONGER bill. And I'm a Democrat saying this. I don't always (often) agree with Senator Coburn,but I do respect him as a person who I think is mostly where he is with the intent of doing the PEOPLE'S business. And I also find him to be mostly honorable (yeah I know the brokering the deal in the Ensign scandal was unseemly,maybe borderline criminal---but when a friend needs help...well it is what it is,I guess).
Let's hope Eric Cantor can (for once) focus on something OTHER than Eric Cantor and the House can get their end of this done without too much posturing.
Spoken like a true ideologue. You have no concept about the issues, the facts, or the legislation. This law will do nothing.
Hope it has some TEETH....
We dont need any more "Charlie Rangels" or "Pelosis"....
Put the dishonest bastards where they belong for violating the trust of their offices....behind bars..
They sure do need a strong enema!
"We dont need any more "Charlie Rangels" or "Pelosis"...."
Nor do we need any more Eric Cantors or John Boehners who also made millions on their insider knowledge.
Why would this have just come up now? Why hadn't the press revealed the legal insider trading and the conflict of interest long ago? They dropped the ball for too long.
Makes you sick to the soul. What we need is a good military coup. Then line the thieves, cheats and liers up against a wall and shoot them. I'll bet we get the attention of the rest of congress.
the law should be while in congress a member of congress or the senate should not be allowed to profit from any business. they shouldnt be able to take money from business or invest. the life of a public service is supposed to be an honorable position. not a get rich quick scheme. citizens united needs to be changed also.
Another liberal legislative joke. Sounds good to the masses but in actually it will accomplish nothing. Lok at the massive wealth the Pelosi Family has created. This stops Nancy from investing ... not her husband .. the Federal Real Estate Tycoon.
The greta Buffet Rule Tax. Another "sounds good to the masses while keeping the status quo" type legislation. Warren Buffet only "pays himself" 100K even though he makes millions each year. Hence he is only taxed on the 100k, which of course is less than his expenses.
The American People continue to be duped year after year by these clowns because as a whole we are too lazy or too ignorant to follow the facts or read the legislation.
navy and bela--I'm confused. If the liberal democrats are the only one's abusing the system, as you imply, and getting rich off this, why is the GOP/TP people against it and the democrats are for it?
Oldvet
You are confused. Once again the usual.Tea Party is the enemy diatribe. Just can't pass it up? Maybe if they burned the flag, defecated in the streets, masturbated in public, raped and vandalized like the OWS you would see them as more American.
In case you didn't know, there already is a federal law against insider trading. just ask Martha Stewart. The confusing part is why doesn't Holder and the DOJ enforce it. You would have loved demagogues like Huey Long, Tom Pendergrast, Michael Curley, Ed Crump and the boys of the great political machines.
So believe what they say .. not what they do.
The Lying, Cheating, Dirt Bags in Congress who helped start "insider trading," are now going to "ban" it. That's as Funny as saying Hussein is a "competent" president. All this is, is today's Lie and Hypocrisy. NEXT!
Don't bet the ranch on this becoming law. A similar bill was introduced in the House and Eric Cantor blocked it. I won't believe this until it happens.
Insider trading should have always been illegal. If they had any morals or scruples, they'd pass a bill that would allow retroactive prosecution of anyone that did that. I doubt they will even forbid future thievery.
Our politicians will ensure a work-around for this. Let's be clear that Congress has become more, not less, corrupt since their post-Jack Abramoff ethics reform. Those so-called reforms made it illegal for the nasty little lobbyists to offer bribes in certain ways; they did not make it illegal for Congress to take them.
Expect some fuss and noise, and then business as usual. Our government is routinely corrupt. No nation with a corrupt government has ever prospered or had a people living in freedom. Not one.
Up with democracy; down with fascism.
Letting Democrats and Republicans pass insider traiding legislation is like letting Bloods and Crips pass drug legislation.
Both sides are doing it, and it needs to be stopped now. Then lets looks at term limits, because they should be there to serve, and not make a boat load of money.
My question is why pass a bill that only includes insider trading? Why not pass a law that would prohibit Congress from exempting themselves from any laws that are passed by Congress. The only exemption would be the hiring and firing of their employees for just cause.
Like Congress won't find a way around any law that limits their insider trading activities. It's the same as the Republican Congress finding a way for Mitt Romney to pay 15% on $ 46.5 Million dollars of income while most peole pay 25% on a $100,000 or less. They always find a way to get more money into the hands of those who need it least because they consider these people to be GOD like.
This is comical !
Different types of taxation. Reading is your friend!
"FeistyRedhead Rochelle, ILL"....you really need help lady. You do not seem to read things prior to commenting on them. The repubs who are not for the watered down version your dems want to pass are holding out for a BETTER bill that actually addressee the issue and does something about it. Your liberals want a bill that aligns with the status quo, and you are for that?? Again, all liberals like you are completely clueless. Please understand the issue before commenting. You sound ignorant.
Oh dammit......now you did it. Put your body armor on and get the pulse cannon out. poo flinging is about to head your way, Eve heard certain mammals do like to fling poo!
Folks,don't worry this will be watered down with all the add ons and it will business as usual
Wow! It is about time. But how will Congressional republicans figure out some new scam to earn more while serving????
Are you blind ot just ignorant? BOTH parties are doing it.
It seems that the report showed otherwise in favor of the republicans. So why does Bonehead Boehner think it won't pass if republicans have a majority in the House?