House to Tighten Ban on Insider Trading by Congress

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The U.S. House passed a bill aimed to prohibit insider trading by members of Congress.    The bill bars members of Congress, their staff and some executive branch employees from trading stocks, commodities or futures based on non-public information they learn on the job.

The legislation requires lawmakers to disclose all their mortgages, ending an exemption for loans on personal residences, and report any trades of $1,000 or more within 30 days.   Also, the bill vastly expands the list of felony convictions that would require lawmakers to be ineligible for their government pensions.

Finally, the bill requires so-called political intelligence firms to register the same as lobbyists and they have to file public reports on their spending and contacts with federal officials.

Anna Timone (195 Posts)

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