The issue of insider trading by members of Congress has been something of perennial issue.

It has never been a big secret that members were allowed to trade on the inside information they glean as part of their jobs. But it exploded as a controversy recently, as the media latched on passionately.

60 Minutes, for example, ran a segment that noted how one respected House member, now the chair of the House Financial Services Committee, bet against the market ahead of the financial crisis of 2008 after receiving dire briefings from top officials at the Fed and the Treasury.

The wheels of reform are now turning again. The Stop Trading on Congressional Knowledge Act, the STOCK Act, has been percolating for years in various versions. It’s now on the front burner, as the Senate voted 93-2 to move forward on the Act. Imagine that--there’s bipartisan agreement on the issue.

The proposed law would force members of Congress and their staffs to disclose any stock transactions within 30 days. It also prohibits members of Congress from trading based on inside information and sets forth various punishments. The House is moving ahead with its own version and we’ll get a law at some point. 

For more:
- here’s an article on the bill from ABC

Related article:
Big debate continues over insider trading legality