Congress tries to self-police on trading

Associated Press

WASHINGTON

Aware that most Americans would like to dump them, members of Congress hope to regain trust by subjecting themselves to tougher penalties for insider trading and requiring they disclose stock transactions within 30 days.

A procedural vote today would let the Senate pass a bill prohibiting members of Congress from using nonpublic information for their own personal benefit or “tipping” others to inside information they could trade on.

Insider-trading laws apply to all Americans, but CBS’ “60 Minutes” in November said members of Congress get a pass, citing investment transactions by party leaders and a committee chairman in businesses about to be affected by pending legislation.

The broadcast report raised questions about trades of House Speaker John Boehner, R-Ohio; the husband of Democratic leader and former Speaker Nancy Pelosi of California; and Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee.