US Senate Passes Insider Trading Ban

Posted February 2nd, 2012 at 6:55 pm (UTC-5)
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The U.S. Senate has passed a bill to stop members of Congress, top aides and senior administration officials from buying or selling stocks based on information not available to the public — a practice known as “insider trading.”

The Senate passed the bill Thursday by a vote of 96 to 3. It now goes to the House, where it has strong support.

President Barack Obama said he was pleased by the Senate action. He called the bill “an important step to rebuild the trust between Washington and the American people.”

The bill requires lawmakers and their aides to disclose all stock trades over $1,000 within 30 days, rather than once a year.