Senate Passes STOCK Act
Senator Jon Tester’s bipartisan bill to prohibit insider trading on Capitol Hill passed the Senate Governmental Affairs Committee today. The committee overwhelmingly approved Tester’s Stop Trading on Congressional Knowledge Act. The STOCK Act prevents members of Congress and their employees from using knowledge gained from Congressional work for personal financial benefit
Before today’s vote, Tester added a bipartisan provision that requires financial disclosures to be made publicly available on an electronic database. Currently, members of Congress and some staff members are required to submit annual financial reports, but the STOCK Act would also require members of Congress to report the purchase or sale of large amounts of stock within 30 days.