Senate Sends Watered-Down Insider Trading Bill To Obama

Law360, New York (March 22, 2012, 4:12 PM EDT) -- The U.S. Senate on Thursday voted to ban insider trading by members of Congress, delivering legislation widely demanded by an outraged public but falling short in efforts for more ambitious ethics reform.

The Senate passed a diluted version of the Stop Trading on Congressional Knowledge Act, or STOCK Act, in a voice vote following a 96-3 vote to end debate.

Sen. Joe Lieberman, I-Conn., chief sponsor of the bill, called the STOCK Act "the most significant congressional ethics legislation that we've adopted in at least five...
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