US News
Congress passes bill banning lawmaker insider trading
Feb 9, 2012, 19:05 GMT
Washington - The US House of Representatives overwhelmingly passed legislation Thursday that would prohibit members of Congress from using exclusive information they learned as lawmakers for their financial benefit.
The anti-insider trading bill known as the STOCK Act passed the lower chamber of Congress by a 417-2 vote after passing the Senate last week 96-3.
The issue had gained renewed attention following news reports about lawmakers profiting from information they had learned as part of their jobs, and President Barack Obama called for the practice to be banned during his State of the Union address to Congress last month.
The two chambers of Congress must still iron out difference between their separate versions of the bill before Obama can sign the measure into law.
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