Senate Bill 2038, the Stop Trading on Congressional [Insider] Knowledge Act, is well on its way to becoming law, having been heard in the Senate on Monday and having been approved in advance by President Obama in his State of the Union address.
A house version of the bill, H.R. 1138, was loudly criticized as “flawed and being recklessly moved solely in response to media pressure.” The latter reference was to a widely viewed television report that major players in Congress, such as Reps. Spencer Bachus, John Boehner and Nancy Pelosi and former Rep. Dennis Hastert, might have been involved in insider trading arising from their access to material nonpublic facts about finance and industry.
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