Senate set for key vote on insider trading ban - KMOV.com

Senate set for key vote on insider trading ban

WASHINGTON (AP) -- A key Senate vote is set on a scaled-down bill to explicitly prohibit members of Congress and other federal workers from profiting from information learned on the job.

The procedural vote Thursday is the last hurdle to final congressional action on the legislation, which also would require affected officials to file public reports online within 45 days of their new financial transactions.

Both the House and Senate approved separate versions of the STOCK Act, which stands for Stop Trading on Congressional Knowledge. A segment on CBS' "60 Minutes" in November said members of Congress were profiting from inside information.

Lacking enough votes, Majority Leader Harry Reid abandoned the Senate's own, stronger bill and decided to accept the House legislation -- which stripped out two key provisions from the Senate-passed bill.

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