Harry Reid to force vote on insider trading bill

Source: Politico

Seeking to break a deadlock on a high-profile reform bill, Senate Majority Leader Harry Reid has moved to force a Senate vote on legislation to bar insider trading by lawmakers and staff.

Reid filed a cloture petition on the Stop Trading on Congressional Knowledge (STOCK) Act on Tuesday, setting up a Thursday vote to move forward on the bill. The legislation would bar lawmakers and their aides from trading stocks, bonds and other financial investments using non-public information gained through their congressional positions.

Senate Minority Leader Mitch McConnell (R-Ky.), who also wants to pass the bill, is backing Reid’s move for the cloture vote. Other senior GOP leaders like Sens. Jon Kyl (R-Ariz.) and John Cornyn (R-Texas) signed onto the cloture petition as well, signaling strong support from the Republican side of the aisle.

Reid and McConnell want to move forward on the House version of the legislation. Two significant provisions were dropped by the lower chamber, angering some Democratic and Republican lawmakers in both chambers. The House also expanded the bill to cover executive branch agencies.

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