Senator Scott Brown, a Republican from Massachusetts, on Tuesday will introduce the Stop Trading on Congressional Knowledge (STOCK) Act of 2011. The bill would prohibit Congressional members or employees from taking inside information and turning it around for financial gain.
"Members of Congress should live under the same laws as everyone else," said Brown in a statement. "If they trade on inside knowledge to line their own pockets, they should be punished. Serving the public is a privilege and honor, not an opportunity for personal gain. I hope every Senator will join me in this effort to lend greater credibility to our work and restore trust in this institution."
This comes on the heels of a "60 Minutes" report which pointed out that many members of congress leave Capitol Hill, those who actually leave, with much more money than they had upon arriving. Many members are being accused of taking their unique access to inside information and using it to make lucrative investments.Currently, insider trading regulations do not clearly define government officials trading on inside government information as illegal.
"We serve the public, not our bank accounts, and no one should be allowed to enrich themselves based on inside government information that is not available to the general public," said Brown.
Jake Gibson is a producer working at the Fox News Washington bureau who covers politics, law enforcement and intelligence issues.