Senate Hopes to Pass STOCK Act This Week

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Senate Hopes to Pass STOCK Act This Week

Roll Call — After hearing the call from President Barack Obama in last week’s State of the Union address, the Senate is expected to clear a bill this week that would clearly ban federal lawmakers and their staff from trading securities on insider information.

The Senate voted, 93-2, on Monday night to kick off debate on the measure.

Senate Majority Leader Harry Reid (D-Nev.) plans to allow for an open amendment process, but not many are expected to be offered given bipartisan support for the bill, Democratic and Republican aides said today.

The bill, known as the Stop Trading on Congressional Knowledge Act, will “clear up any perception that it is acceptable for Members of Congress to profit from insider trading,” Reid said. “And it will end any confusion over whether Members of Congress can be prosecuted for this serious crime — they can be. Colleagues from both parties have expressed support for this common-sense proposal.”

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