“Legislation to explicitly prohibit members of Congress and their staff from financially profiting from insider information now awaits House action, after winning overwhelming passage in the Senate,” the Boston Globe writes. “House Majority Leader Eric Cantor, a Republican from Virginia, said this evening that the House would take up the measure next week. The bill is expected to have broad bipartisan support.” The bill passed 96-3.
“Dozens of American industries and businesses, from biodiesel producers to stock car racing facilities, are urging Congress to quickly revive 60 targeted tax breaks that expired on Dec. 31,” msnbc.com’s Tom Curry writes, adding, “If you're an employee of one of the affected industries that lost its tax break on Dec. 31, the congressional inaction could mean that you lose your job. If you’re an investor in one of those industries, your assets could lose their value. But if you're an advocate of a simpler, flatter tax code – as many members of Congress claim to be – then it might be time to let the expired tax breaks rest in peace – or at least make a few of them permanent and let the others remain dead.”