In his State of the Union address last month President Obama told the nation that if Congress sent him a bill to ban insider trading by members of Congress he would sign it without hesitation. Well, last week the Senate passed the STOCK Act - Stop Trading On Congressional Knowledge - by a vote of 96 to 3. Today, the House of Representatives passed a modified version of the bill by a vote of 417-2.
The bill bans members of Congress from using knowledge gained in the performance of their duties to gain an advantage in the stock market. While the practice is already illegal for most of the population, members of the legislature were not specifically included.
The House version of the bill is slightly different than the version passed by the Senate - a fact which leads some to call it “watered down.” Since the bills are different, the two houses will have to work toward a version of the bill they can both agree on before it can go to the President for passage.
The House’s passage of the STOCK Act generated a significant amount of buzz on Twitter. Check out a sample of what people are saying below:
STOCK Act up for a vote today & I will vote yes. This is a step in right direction tor estore faith in the way public servants to their jobs
#STOCKAct just passed the House, 417-2.The bipartisan
#STOCK Act passed the House by a 417-2 vote. Glad 2 see so many of my colleagues agreed on this common sense measure.
the stock act passed 417-2 in the House, which tells me one thing: the bill is completely useless.
GOP version of STOCK Act (vote today) is watered down at request of financial ind lobby. What's old is new again!
The House passed a version of STOCK Act today that was weakened by GOP leaders, says GOP Sen. Grassley, "to fulfill Wall St's wishes."
Only two 'No' votes on the STOCK Act in the House today from Rep John Campbell R-CA & Rep Rob Woodall R-GA