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Thu Mar 22, 2012, 06:54 PM

Senate moves insider trading bill to Obama's desk

Source: Los Angeles Times

By Lisa Mascaro

March 22, 2012, 3:10 p.m.
Reporting from Washington—

Congress gave final approval to one of the most sweeping ethics laws in years, clamping down on insider trading by lawmakers and administration officials in an election year push to improve the public's low opinion of political Washington.

The Senate advanced the legislation overwhelmingly on Thursday, 96-3, sending it to President Obama, who had called for such a measure during his State of the Union address.

Few lawmakers wanted to stand in the way of ethics reforms, and the once-modest bill was received with gusto in Congress -- even though one of its most compelling provisions was stripped by Republicans in the House.

A popular amendment would have shed sunlight on the evolving trade in "political intelligence" -- the practice of selling the inside scoop on legislative action to traders on Wall Street. It won bipartisan support in the Senate last month only to be gutted by House GOP leaders.

-snip-


Read more: http://www.latimes.com/news/politics/la-pn-senate-passes-stock-act-20120322,0,622109.story

3 replies, 1407 views

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Reply Senate moves insider trading bill to Obama's desk (Original post)
Eugene Mar 2012 OP
onehandle Mar 2012 #1
cstanleytech Mar 2012 #2
Vincardog Mar 2012 #3

Response to Eugene (Original post)

Thu Mar 22, 2012, 07:15 PM

1. Wake me when Congresspeople are lifetime banned from lobbying. nt

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Response to onehandle (Reply #1)

Thu Mar 22, 2012, 07:39 PM

2. Sorry but a lifetime bans unreasonable or atleast it is imo.

A ban for 4 to 6 years though I would support because it gives enough time for there to be some churn in who holds varies offices.

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Response to onehandle (Reply #1)

Fri Mar 23, 2012, 02:15 PM

3. Why not make them report their bribes er lobbying? WE need to public finance federal elections

and outlaw bribes completely.

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