Members of Congress are looking to regain some sense of trust from the American people, as they have proposed rules that would subject themselves to tougher penalties for insider trading and a requirement to disclose stock transactions within 30 days, The Associated Press reported.
According to the news outlet, a procedural vote this week would allow the Senate to pass a bill prohibiting members of Congress from using nonpublic information for their own person benefit or “tipping” others to inside information that they could use for trading.
Senator Scott Brown (R-Mass.) and Senator Kirsten Gillibrand (D-NY) co-wrote a bill that would subject any member of Congress who violates the ban on insider trading to investigation and prosecution by the Justice Department and regulatory agencies, the AP reported.
“We can start restoring some of the faith that’s been lost in our government by taking this common-sense step of making members of Congress play by the exact same rules as everyone else,” Gillibrand said of the bill put forth by her and Brown. “We must make it unambiguous that this kind of behavior is illegal.”
The Hill reported that Representative Nancy Pelosi’s (D-Calif.) minimum net worth skyrocketed by almost $14 million in 2010 because of smart stock plays and real estate investments by her husband.