STOCK Act vote scheduled in the Senate
The Senate has scheduled a vote for Monday on a bill that would ban insider trading by members of Congress.
The Legislation known as the Stop Trading On Congressional Knowledge, or STOCK Act, is sponsored by Sens. Kristen Gillibrand, D-N.Y., and Scott Brown, R-Mass., and specifically prohibits federal lawmakers from trading stocks based on nonpublic information they have obtained in the course of their congressional work.
At Tuesday night's State of the Union address, President Obama called on members of Congress to send him "a bill that bans insider trading by members of Congress; I will sign it tomorrow."
The issue received great attention following Steve Kroft's report on congressional insider trading on CBS' 60 Minutes.
Senate Majority Leader Harry Reid has scheduled Monday's procedural vote for 5:30 p.m. Sixy votes are necessary for debate to begin on the legislation.
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