Thursday, March 22, 2012
The Senate voted (96-3) for legislation that bans insider trading by members of Congress and their staff by establishing that they owe a duty of trust and confidence to Congress, the federal government and U.S. citizens. The Senate accepted the version approved by the House (417-2) and thus does not include certain additional provisions that were contained in the original Senate version, including regulation of the "political intelligence" community. The bill requires disclosure of purchases and sales within 45 days of the transaction. NYTimes, Insider Trading Ban for Lawmakers Clears Congress
The Senate also passed the JOBS legislation which must still be reconciled with the House version. I will write more about this in a later post.