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Banning Congress from trading on insider information.

 

Passed the Senate 96-3.  Now it needs to pass the House.

 

Found this quote funny:

 

The focus of one of the Journal stories, Rep. Spencer Bachus (R., Ala.), became an unlikely champion. He helped revive the bill with a high-profile hearing in the House Financial Services Committee, which he chairs, and used the opportunity to press more senior Republican leaders for a vote on the House floor.

 

Republican leaders initially balked, scolding Mr. Bachus in an angry meeting in December.

 

http://online.wsj.com/article/SB10001424052970203711104577199113513037068.html?mod=WSJ_article_LatestHeadlines

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The article doesn't clearly explain why lawmakers would resist such a ban.  ;D

 

The political intelligence industry comprises hundreds of lobbyists, former congressional aides and others who scour Washington for market-moving tips about pending government activities that could affect stock prices.

 

These political intelligence purveyors are paid by hedge funds and other Wall Street firms to gather information about pending changes in public policy the investors can use to make trades.

 

A study by the nonpartisan Integrity Research Associates said the global market for policy research and political intelligence services is about $400 million a year and growing.

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