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House passes STOCK Act

Updated: Thursday, 09 Feb 2012, 5:56 PM EST
Published : Thursday, 09 Feb 2012, 10:56 AM EST

Posted by: Emily Lenihan

WASHINGTON, D.C. (WIVB) - Congresswoman Louise Slaughter’s six-year fight to ban insider trading on Capitol Hill has passed in the House of Representatives, Thursday.

The STOCK Act, or Stop Trading on Congressional Knowledge Act, forbids members of Congress and their staffers from trading on non-public information they receive through their work on Capitol Hill. Slaughter co-sponsored the bill in 2005, but it only picked up steam after a 60 Minutes investigation in late 2011.

The bill passed the Senate by a 96-3 margin last week.

Slaughter defended the bill Wednesday, you can see her remarks here.