Senate passes 
insider trading ban

WASHINGTON – Sagging approval ratings brought Democrats and Republicans together Thursday when the Senate passed a bill to explicitly prevent members of Congress, their top aides and administration officials from using nonpublic information for insider trading. New disclosure requirements will require public reports online within 30 days of buying and selling stock.

The 96-3 vote sent the bill to the House, where Majority Leader Eric Cantor said the legislation would be considered next week.

Senators in both parties acknowledged the purpose of the legislation was 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.

“When polls show low public confidence in Congress, there is a strong desire to address the concerns that underpin the public’s skepticism,” said Sen. Susan Collins, R-Maine, one of the bill’s managers.