WASHINGTON — A Senate committee has approved a bill that would prohibit members of Congress and their employees from using nonpublic information to enrich themselves.
The bill also would extend its restrictions throughout the federal government. However, the government-wide impact would be unclear because each agency already has restrictions in place.
Steve Kroft of ‘60 Minutes’ reported that members of Congress can legally trade stock based on non-public information from Capitol Hill. (Nov. 14)
The bill went to the full Senate, which is unlikely to take it up this year. There is a similar bill before a House committee.
Members and employees of Congress would have to disclose any stock or commodities transaction of $1,000 or more within 30 days. The reports would be available online.
The bill was approved by the Committee on Homeland Security and Governmental Affairs.