Senate expected to vote on insider trading bill next week
January 26th, 2012
05:10 PM ET
11 years ago

Senate expected to vote on insider trading bill next week

Washington (CNN) - The Senate is expected to vote on a bill next week aimed at stopping lawmakers from cashing in on information not readily available to the public that they obtain in the course of their congressional work, according to a Senate Democratic leadership aide.

In his State of the Union address earlier this week, President Obama urged Congress to pass immediately the Stop Trading on Congressional Knowledge (STOCK) Act, which he said he would sign into law.

The version of the bill the Senate will consider would prevent stock trades on insider information and would also prevent lawmakers from profiting in any way on the private information available to them as elected officials.

Concerns about insider trading gained traction after a recent "60 Minutes" report highlighted the issue.

The bill is expected to get "strong support" in the Senate, the leadership aide said.

House GOP leaders have also said they plan to take up a version of the bill.

Filed under: Congress
soundoff (21 Responses)
  1. GI Joe

    That's a joke. Those republicans don't follow the law anyway. They'll make sure there are loopholes in it for them.

    January 26, 2012 05:14 pm at 5:14 pm |
  2. GI Joe

    But would it prevent them from telling their friends, spouses what to trade?

    Watch the wording VERY CAREFULLY.

    They'll still have their corporate donations and lobbying perks. They don't need salaries and health care and retirement provided to them. That's what WE pay for (grudgingly).

    January 26, 2012 05:17 pm at 5:17 pm |
  3. Fla Pete

    @GI Joe,your right,they'll change or add things to it to make it useless.Like they are.Then say Dems can't work with them,not telling the whole story.Boehner and Cantor spin tales ,like babies crying someone stole their toys,LOL..

    January 26, 2012 05:24 pm at 5:24 pm |
  4. Four and The Door

    GI Joe
    That's a joke. Those republicans don't follow the law anyway.
    Worst offender? Nancy Pelosi. Sorry, Joe. I hope your queen hasn't disappointed you.

    January 26, 2012 05:31 pm at 5:31 pm |
  5. Dominican mama 4 Obama

    When President Obama dropped a "hint" of that bomb during his SOTU address you could hear a pin drop in that chamber.
    Very interested to see how far-reaching or all-encompassing the bill submitted for his signature turns out to be.
    I was thrilled to have him call them out on national television – both sides of the aisle.

    January 26, 2012 05:31 pm at 5:31 pm |
  6. Ben Dover

    Just watch, the repukes will somehow block it !

    January 26, 2012 05:33 pm at 5:33 pm |
  7. Ben Dover

    @ four and the must be thinking of Newt.

    January 26, 2012 05:35 pm at 5:35 pm |
  8. Rick McDaniel

    Ya know, I really don't expect that to pass.

    These are not the stand up guys they claim they are.

    January 26, 2012 05:39 pm at 5:39 pm |
  9. Four and The Door

    Ben Dover
    Just watch, the repukes will somehow block it !
    Not so. The Republicans have been pushing this. Are you going to give Obama credit for this too, like the $2 trillion Federal spending decreases he fought every inch of the way? That part of his speech was ironic at best.

    January 26, 2012 05:40 pm at 5:40 pm |
  10. Steve Moore Smithton, Mo.

    The gravy train will never stop and you can bet the politicians, especially the Republicans, have no intentions of passing any legislation that inhibits their ability to screw the people and make a dollar off of it. Although it plays good in the media they will fill it full of amendments, reservations, and holes so that in the end they will actually benefit from it rather than punish or prohibit it. What do you think they have all those lawyers on their staffs for?

    January 26, 2012 05:43 pm at 5:43 pm |
  11. Sniffit

    "BLITZER'S BLOG: My thoughts before tonight's debate"

    I have to admit I was suprised. I expected it to be an article with no words in it.

    January 26, 2012 05:45 pm at 5:45 pm |
  12. Ivan

    Inside trading,I would like to know how are they going to police,or mybe the question should be ,will they police it?

    January 26, 2012 05:47 pm at 5:47 pm |
  13. Willie Floyd

    When the CBS reporter broke the story Boehner said he did not do that-the reporter said "NO -his broker did it for him". I'd be very surprised if they didn't all do it.

    January 26, 2012 05:50 pm at 5:50 pm |
  14. Tired of the BS

    House GOP leaders have also said they plan to take up a version of the bill. And there my friends is the problem. Why does the GOP always have to have their own version of something? Because in the end all it does is benefit them. Four and the door said they've been pushing for this and they very well may have but you can be the reason it hasn't already been passed is because it had a bunch of crap attached to it that wouldn't fix the problem in the first place like everything else they've had their own version of. Lets vote these out of touch nutjobs out. Obama 2012!!!!!!!

    January 26, 2012 05:57 pm at 5:57 pm |
  15. Barry G.

    It's a disgrace that our politicians ever engaged in this behavior.

    Six-year-old children have a better sense of right-and-wrong than our politicians.

    Let’s face it, this is why our country is in trouble.

    January 26, 2012 06:05 pm at 6:05 pm |
  16. george of the jungle

    Love how the repos are scrambling. Good law for both parties but let's see where it goes. The president knows more than has been made public. Good job Mr. President

    January 26, 2012 06:10 pm at 6:10 pm |
  17. Tired of this

    I am getting so tired of this. Where are the rest of the runners, it's Newt vs Ronnie Ronnie vs Newt, blah, blah, blah. Neither one of them is qualified and all of the in-fighting will get that box-of-rocks we now have in office reelected. It is amazing how the press distorts what is really going on.

    January 26, 2012 06:11 pm at 6:11 pm |
  18. Ragatang

    Yeah right ! You broke the law then turn around and pass another law that curtails your illegal activities. Do congress want to tell us that they are working ? Forget about it.

    January 26, 2012 06:16 pm at 6:16 pm |
  19. Thomas

    CORRUPTION , thats see whats in the bill .

    January 26, 2012 06:17 pm at 6:17 pm |
  20. Four and The Door

    Too bad it can't be retroactive. Nancy Pelosi should be brought up on corruption charges for the $50 thousand she made on the VISA Initial Public Offering that Joe Common Citizen could not participate in. Oh, and at the time there was some critical credit card legislation being argues in the House and she was the Speaker. It turned out favorable for the credit card companies. Imagine that. She should be cooling her heels in the clinker.

    January 26, 2012 06:31 pm at 6:31 pm |
  21. Keith in Austin

    Oops, there goes Pelosi's extracurricular income!

    January 26, 2012 06:43 pm at 6:43 pm |