Now that the Stop Trading on Congressional Knowledge (aka STOCK) Act has been passed by both the U.S. House and Senate. Congress will now unenthusiastically hammer out the details of the bill that will prevent them from making money off of insider trades.
In a whopping 417-2 vote today, the House passed a neutered version of the bill passed by the Senate last week that would make it illegal for members of Congress and the executive branch from cashing in on what they know is happening in government by making trades in securities markets. Sure, the GOP-controlled House version doesn't require "people who collect financial information from Congress — and sell it to investment firms — should register like lobbyists and publicly disclose their activities" like the Senate's does, as the AP reports. That's a detail to be worked out in reconciliation committee before being signed by the president. Today though, we're just happy to see an insider-trading ban against elected officials that nearly everyone agrees should have been there this entire time. Even if it took a lot of Congressional teeth-pulling to get it to pass it. Just remember to thank 60 Minutes for its big scoop that led to the legislation.