Senate bans insider trading on Capitol Hill
March 22nd, 2012
02:45 PM ET
2 years ago

Senate bans insider trading on Capitol Hill

Washington (CNNMoney) - The Senate on Thursday passed by voice vote a bill that makes it illegal for lawmakers and their staffs to make Wall Street trades based on insider information.

The bipartisan measure, which already passed the House, would immediately go to President Obama, who is expected to sign it. Obama called for the law during his State of the Union address in January.

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Filed under: Congress • Senate
soundoff (16 Responses)
  1. mike

    It's about dam time. Why were they allowed to in the first place ?

    March 22, 2012 02:11 pm at 2:11 pm |
  2. Another Day in the Idiot Mines

    Too bad the corporatist teahadi's in the House GOBP watered the bill down.

    March 22, 2012 02:17 pm at 2:17 pm |
  3. Rudy NYC

    How come it doesn't include everyone on Capital Hill, like lobbyists? Are lobbyists the main guilty parties.

    March 22, 2012 02:23 pm at 2:23 pm |
  4. Big George in Big D

    It was already a law – insider info trading is illegal. You just have to get caught. Good luck.

    March 22, 2012 02:37 pm at 2:37 pm |
  5. Marie MD

    Why afentnthey all in jail? Martha Stewart out in her time. Has somebody explained to tantrum cantor oynwhat insider trae means. A month ago he still didn't know!

    March 22, 2012 02:56 pm at 2:56 pm |
  6. The REAL Truth

    @Big George – yes it was, but only if you are directly involved. There was nothing that prevented Congress from profiting from knowledge of impending legislation that was not public knowledge. As with many things Congressional, the law was not applicable to their role on Capitol hill.

    March 22, 2012 03:02 pm at 3:02 pm |
  7. GI Joe.

    Check the web for the really MAJOR thing that CANTOR had removed (he's loooooovvvvveeed by Wall Street etc.).

    March 22, 2012 03:06 pm at 3:06 pm |
  8. Rudy NYC

    Big George in Big D

    It was already a law – insider info trading is illegal. You just have to get caught. Good luck.
    --------------
    Dude, members of Congress had been granted an exemption years ago because of the nature of their jobs. Part of their job description is insider information. Since it was only a few hundreds of people, why not give them an exemption? That was then, this is now.

    March 22, 2012 03:10 pm at 3:10 pm |
  9. Another Day in the Idiot Mines

    Who picks up the Orangeman's bar tab, greens fees and tanning bills?

    March 22, 2012 03:12 pm at 3:12 pm |
  10. GI Joe.

    Per a basic search on the portion of the insider trading blll removed by Cantor, a part of it is:

    It was quite a brazen move by Cantor. He knows Wall Street is unpopular. He knows the Democrats are going to attack him over the move. He has to know that he is defending the ability of a small slice of Wall Street traders gaining unfair advantage in the markets.

    Now the ball is back in our court. The House and Senate versions will go to conference committee so that differences can be worked out (or alternatively, congressional leadership might just negotiate a deal). It's up to us to take action now to force Congress to eliminate Eric Cantor's Wall Street insider trading loophole by putting this provision back into this legislation.

    March 22, 2012 03:14 pm at 3:14 pm |
  11. kabosh

    Well, that ought to put the kabosh on old Mitt.

    March 22, 2012 03:34 pm at 3:34 pm |
  12. Claudia, Phoenix, AZ

    The only reason Republicans signed onto this one is because President Obama was going to call them out by name. If the Republicans win the WH, which they won't, they'll reverse this too for their own greedy self serving interest.

    March 22, 2012 03:47 pm at 3:47 pm |
  13. Scott S.

    Not only is this good, it needs to go further. I would band lobbyists. This is a country for the money, by the money, and of the money. This is a good first step though.

    March 22, 2012 04:01 pm at 4:01 pm |
  14. les wong

    Too late to stop Pelosi from grabbing the money and running! Pelosi and her husband, Paul, bought stock in Visa, the credit card company based in San Francisco, in March 2008 while a bill that would limit the fees credit card companies could charge merchants was pending in the House. The Pelosis bought Visa stock three times in 2008: 5,000 shares at $44 each in an initial public offering March 18; 10,000 shares after the IPO at $64 on March 25; and 5,000 shares at $86 on June 4. The credit card fees bill, by then-House Judiciary Committee Chairman John Conyers, D-Mich., passed his committee on Oct. 3, 2008, but did not reach the full House becausw Pelosi was speaker at the time and controlled which legislation came to the floor.

    March 22, 2012 04:02 pm at 4:02 pm |
  15. Scott S.

    Obviously, I meant BAN. The D snuck in there...

    March 22, 2012 04:04 pm at 4:04 pm |
  16. Joe from CT, not Lieberman

    Claudia, I am sure they already wrote language into the bill that allows them workarounds. Just like they exempt themselves from every other piece of legislation they pass, they always find a way to keep their hands in the pot.

    March 22, 2012 04:27 pm at 4:27 pm |