WASHINGTON – Trying to restore lawmakers' sagging image with voters, the Senate has passed a bill to explicitly prohibit members of Congress, top aides and senior administration officials from insider trading. It requires them to publicly disclose financial transactions within 30 days instead of once a year.
The bill, which passed 96-3, now goes to the House.
Senators in both parties acknowledged the purpose of the legislation is to help dig members of Congress out from poll approval ratings that have fallen to the teens after a year of excessive partisanship pervading almost every issue before Congress.
A manager of the bill, Republican Sen. Susan Collins of Maine, said that when polls show low public confidence in Congress, there is a strong desire to address the concerns that underpin the public's skepticism.