Durbin praises bill banning Congressional insider trading

February 3, 2012

Michell Eloy

Illinois U.S. Sen. Dick Durbin is praising the Senate for passing a bill that would ban insider trading among lawmakers and other government officials.

Durbin said Friday the Stop Trading on Congressional Knowledge Act, or STOCK Act, was taken up in November after an episode of CBS's 60 Minutes detailed how members of Congress traded stocks on non-public information from Capitol Hill. President Barack Obama also mentioned the bill in his State of the Union address, saying he was ready to pass the bill immediately.

The new bill would require lawmakers, congressional aids and other government officials to report any stock trades online within 30 days.

Durbin is a co-sponsor of the bill.

"If the public wants to take a look or the press they can see if they believe if there is any improper linkage between the trade that is made and some decision or information the a member of congress has," said Durbin. "It's just another step toward disclosure."

The bill was overwhelmingly approved by the Senate 96-3 on Thursday.

A similar version is expected to come up in the House of Representatives next week.