The House of Representatives today passed a bill to curb insider trading by lawmakers and other government officials, despite objections from both Democrats and Republicans that it was weaker than a version passed by the Senate last week. The Stop Trading on Congressional Knowledge-STOCK- Act passed with a 417-2 vote.
Insider trading is already prohibited under House rules, but South Dakota Representative Krisit Noem told reporters during a conference call today that this bill will increase transparency and assures the public that members of Congress and government employees are held to the same standards everyone else is.
The bill passed by the House does not include a provision that was in the Senate bill which would impose new regulations on Washington insiders who collect “political intelligence” from lawmakers and sell it to Wall Street.
But, Noem says the House strengthened the bill.
House and Senate members are now expected to negotiate over the differences between the two bills before sending the legislation to President Obama, who has promised a swift signature.