Politics & Government

Legislation to Ban Insider Trading Gains New Support

Banning insider trading in congress is gaining support from U.S Rep. Barney Frank.

U.S. Sen. Scott Brown is leading a charge to ban insider trading in Congress.

According to the Wall Street Journal, Sen. Brown’s bill would prohibit members of Congress and congressional employees from trading on insider information. The bill would also ban government officials from releasing nonpublic information concerning pending legislation that could influence stock prices.

U.S. Rep. Barney Frank, is supporting Sen. Brown's efforts, urging the chairman of the House Financial Services Committee to act on the proposal, the Sun Chronicle reports. 

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The CBS news program "60 Minutes" recently reported on the issue of insider trading in Congress in a segment entitled, Congress: Trading stock on inside information?

Legislation to ban insider trading has been gaining steam since the "60 Minutes" segment aired, reporting that some members of Congress make stock deals based on confidential information they receive.

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