Senate moves insider trading bill to Obama's desk

Source: Los Angeles Times

By Lisa Mascaro

March 22, 2012, 3:10 p.m.
Reporting from Washington—

Congress gave final approval to one of the most sweeping ethics laws in years, clamping down on insider trading by lawmakers and administration officials in an election year push to improve the public's low opinion of political Washington.

The Senate advanced the legislation overwhelmingly on Thursday, 96-3, sending it to President Obama, who had called for such a measure during his State of the Union address.

Few lawmakers wanted to stand in the way of ethics reforms, and the once-modest bill was received with gusto in Congress -- even though one of its most compelling provisions was stripped by Republicans in the House.

A popular amendment would have shed sunlight on the evolving trade in "political intelligence" -- the practice of selling the inside scoop on legislative action to traders on Wall Street. It won bipartisan support in the Senate last month only to be gutted by House GOP leaders.

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Read more: http://www.latimes.com/news/politics/la-pn-senate-passes-stock-act-20120322,0,622109.story