Senate Committee Advances Insider Trading Bill

Law360, New York (December 14, 2011, 2:59 PM EST) -- A U.S. Senate committee on Wednesday approved a bill that would explicitly ban insider trading by members of Congress and increase disclosures that members would be required to provide on their trading activities.

The Senate Committee on Homeland Security and Governmental Affairs approved the bill, the Stop Trading on Congressional Knowledge Act of 2012, in a bipartisan 7-2 vote. The bill comes in the wake of a November expose by the TV news magazine “60 Minutes” that fingered top lawmakers for their trading on potential insider...
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