With support from a number of Democrats, the Republican-led House of Representatives passed the Stop Insider Trading Act this week. The final tally was 232-198, though the bill drew some criticism from Democrats, ethics groups and even some Republicans who alleged it did not go far enough. Georgia’s delegation voted along strict party lines.
If it makes it through the Senate, members of Congress, their spouses and dependent children would be banned from buying securities from a publicly traded company. It would also require representatives to file a public notice of at least seven days in advance of a sale with the Clerk of the House of Representatives. A fee of $2,000 or 10 percent, whichever is great from the net gain of the sale, would be applied to any proceeds from the transaction.
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