Senate approves insider-trading bill (96-3)

[Tx4obama]

Washington (CNN) -- A bill that clarifies the illegality of insider trading of stocks and other securities by members of Congress and their staff members won approval Thursday from the U.S. Senate.

The 96-3 vote sends the measure to the House, which is expected to take it up in coming weeks.

In addition to making clear that insider trading laws and penalties apply to those on Capitol Hill, the bill requires lawmakers and their staffs to report any stocks, bonds or other securities they buy or sell within 30 days of the transaction.

President Barack Obama expressed support for the bill in his State of the Union address, and the Senate vote showed bipartisan support despite the deep partisan divide in Congress exacerbated by the upcoming November election.

http://www.cnn.com/2012/02/02/politics/senate-insider-trading/index.html

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Roll call votes: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=112&session=2&vote=00014

NAYs - 3 - Bingaman (D-NM), Burr (R-NC), Coburn (R-OK)
Not Voting - 1 - Kirk (R-IL)

[rhett o rick]

1. They should call this the Martha Stewart bill. nm

[KurtNYC]

27. Only 53 cases were brought in 2010 (out of billions of trades)

My impression is that only when another financial firm complains is this law used:

http://www.sec.gov/spotlight/insidertrading/cases.shtml

It is somewhat like patents -- they don't protect the little guy from the big guy but rather are only used by corporations against each other. Or perhaps it is like the rules in Las Vegas that ensure that the house wins.

Stewart was just a sacrificial lamb.

[Drunken Irishman]

2. Now who voted no?

[Tx4obama]

4. As it says in the OP ...

Roll call votes: (list isn't posted yet, I'll come back and add when uploaded)
Unless someone here watched it live, we'll have to wait a little bit for the list to be posted to see who voted 'no'.

[flakey_foont]

6. I had same question

very curious to see who the 3 were

[Tx4obama]

10. Here ya go ...

NAYs - 3 - Bingaman (D-NM), Burr (R-NC),Coburn (R-OK)
Not Voting - 1 - Kirk (R-IL)

[flakey_foont]

16. Thanks

[Guy Whitey Corngood]

25. I definitely understand Kirk not voting. nt

[Tx4obama]

11. OP has been updated

NAYs - 3 - Bingaman (D-NM), Burr (R-NC),Coburn (R-OK)
Not Voting - 1 - Kirk (R-IL)

[Drunken Irishman]

14. Thanks. Looks like three crooks (Kirk gets a pass).

[Robb]

3. Wow. I'll admit I'm pleasantly surprised.

I clicked sort of expecting a punchline, like "not the US senate!" or something.

Great news.

[originalpckelly]

5. I will guarantee you that this is just a shell game...

and that it just puts a cover on the problem which will still continue.

They cannot be trusted to police themselves.

[Ian David]

7. Are one of those 3 votes a procedural thing? n/t

[Tx4obama]

8. I don't think so. The only time Senator Reid votes no on a good bill is when ...

he has to vote no in order to bring a bill back to the floor when there aren't enough votes for it to pass, there were plenty of votes this time.

[Ruby the Liberal]

9. Marking to follow up for roll call nt

[Tx4obama]

12. OP has been updated

NAYs - 3 - Bingaman (D-NM), Burr (R-NC),Coburn (R-OK)
Not Voting - 1 - Kirk (R-IL)

[Ruby the Liberal]

15. Hrm - wonder what their agendas are?

I give Coburn a pass. His clock is so broken it stops once a day, if that - but whats up with the other 2 I wonder...

[Tx4obama]

17. There were several amendments voted on before the bill, one rejected one was from Coburn ...

maybe Coburn was mad that his amendment wasn't passed.
I don't see any from Bingaman or Burr on the list ...
Thursday's Senate votes here: http://www.senate.gov/legislative/LIS/roll_call_lists/vote_menu_112_2.htm

[Ruby the Liberal]

18. Thanks for the link

Maybe something will come out in the next few days to explain their reluctance on this bill.

[alp227]

13. More from the Wash Post: Minor Senate bill transformed into broad reform package

http://www.washingtonpost.com/politics/minor-senate-bill-sparks-major-debate-on-ethics/2012/02/01/gIQAsW9kkQ_singlePage.html

During an afternoon of rapid-fire votes Thursday, the Senate extended the insider-trading restrictions to senior members of the executive branch. The legislation now requires lawmakers and senior executive branch officials, for the first time, to reveal all mortgage information on their primary residence. On a unanimous voice vote, the Senate approved a prohibition on bonuses to senior executives at Fannie Mae and Freddie Mac, following reports that the two mortgage giants had approved nearly $13 million in bonuses to 10 executives.

In addition, members of the so-called political intelligence industry — insiders who try to learn in advance the outcome of legislation for hedge fund and investment house clients, who then place their stock bets based on that information — would now be required to disclose their activities just as lobbyists trying to influence the outcome must.

[cstanleytech]

19. Does this have any impact on them using spouses and or immediate family members to

hide such things?

[cyberpj]

26. Excellent Question. I immediately wondered the same thing. There must be some loophole for this to

get such bipartisan support.

Overly suspicious?

Maybe.

I'm just working with what I know about our government.

[Tx4obama]

20. Statement by President Obama on Passage of the STOCK Act

The White House

Office of the Press Secretary
For Immediate Release
February 02, 2012
Statement by the President on Passage of the STOCK Act

In my State of the Union Address, I laid out a blueprint for an economy built to last, where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules – especially those of us who have been sent here to serve the American people.

Last week, I called on Congress to pass a bill that makes clear that Members of Congress may not engage in insider trading. No one should be able to trade stocks based on nonpublic information gleaned on Capitol Hill. So I’m pleased the Senate took bipartisan action to pass the STOCK Act. I urge the House of Representatives to pass this bill, and I will sign it right away.

And while this is an important step to rebuild the trust between Washington and the American people, there is much more work to be done, like prohibiting elected officials from owning stocks in industries they impact, and prohibiting people who bundle campaign contributions for Congress from lobbying Congress, an idea that has bipartisan support outside of Washington. These are straightforward proposals that will help eliminate the corrosive influence of money in politics.

http://www.whitehouse.gov/the-press-office/2012/02/02/statement-president-passage-stock-act

[The Wielding Truth]

23. "I called on Congress to pass a bill.." Call your local congress person.

[IndyJones]

21. This is great news! I did not expect it to pass.

I'm glad they voted to do the right thing. It's a shame it had to be spelled out for them, though, as if the laws the rest of us have to abide by shouldn't apply to them!

[Tx4obama]

22. Now we have to see what The House will do. There is already a rumor that Eric Cantor will be

obstructing the bill

[Hotler]

24. Yes, this good,but....

30-days to report a transaction, should have been 10-days.