By a nearly unanimous vote this morning the House passed the STOCK Act, which as NPR's Tamara Keith has reported, "would, among other things, explicitly ban insider trading for members of Congress and their staffs."
The vote was 417-2, with 14 members absent. The two nay votes were from Rep. John Campbell, R-Calif., and Rep. Rob Woodall, R-Ga.
The House on Thursday passed a bill that would ban congressional insider trading. The STOCK Act passed overwhelmingly, 417-2, despite some partisan disagreements over its scope.
With congressional approval at all-time lows, the bill was widely seen by lawmakers as a small step in restoring public confidence. But differences remain to be worked out with a Senate measure, passed last week, before a bill could be sent to President Obama.
Turn on the news on any given day, and you're likely to hear about the Dow Jones industrial average. It is the most frequently checked, and cited, proxy of U.S. economic health. But a lot of people — maybe most — don't even know what it is. It's just the stock prices of 30 big companies, summed up and roughly averaged. That's it.
And what does the daily movement of this number have to do with the lives of most Americans? Not much.
When a company files to go public it has to lay out in black and white the biggest risks that face the firm. What could kill it? What could undermine its business? Wipe out all its investors' money? Executives are required to reveal this by law.