Congresswoman Slaughter's Proposed "Stock Act" Will Soon Be Law
By: WROC-TV
Updated: March 23, 2012
. Congresswoman Louis Slaughter proposed "The Stock Act". Slaughter proposed this bills 6 years ago and fought for it. She had a hard time getting support until CBS did a story on it.
The story aired on 60 Minutes before that story the bill had 18 co-sponsors, after it had 285 co-sponsors. Until now, federal insider trading laws did not apply to Members of Congress. Many lawmakers would take information they learned in session and use it to buy or sell stocks.
Among those accused were Speaker John Boehner and Nancy Pelosi. They denied it. The bill now goes to President Obama and he has said he will sign it into law.
The story aired on 60 Minutes before that story the bill had 18 co-sponsors, after it had 285 co-sponsors. Until now, federal insider trading laws did not apply to Members of Congress. Many lawmakers would take information they learned in session and use it to buy or sell stocks.
Among those accused were Speaker John Boehner and Nancy Pelosi. They denied it. The bill now goes to President Obama and he has said he will sign it into law.
