STOCK Act to bar lawmaker insider trading passes Senate

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STOCK Act to bar lawmaker insider trading passes Senate

Huffington Post — Insider trading by members of Congress, their top staff and executive branch officials would be banned by legislation that passed the Senate on Thursday.

Although insider trading is illegal for anyone, some had argued that the STOCK Act, which passed 96 to 3, was needed to close loopholes that let lawmakers and lobbyists profit from “political intelligence.”

“We are entrusted with a profound responsibility to the American people to look out for their best interest, not for our own financial interest,” said Sen. Kirsten Gillibrand (D-N.Y.), one of the lead sponsors on a measure that garnered rare bipartisan support, including from Republican senators such as Maine’s Susan Collins and Massachusetts’ Scott Brown.

“Bottom line, members of Congress have to live by the same laws everyone else does,” said Brown. “With approval ratings of Congress at an all-time low, this bill represents an opportunity to build some trust with the American people.”

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