The bill, which clarifies that Members of Congress are subject to bans on insider trading, engendered a broader debate over public ethics, including issues such as whether lawmakers should own stocks at all, given their ability to affect individual companies.
President Barack Obama urged the House to pass the legislation, which he pushed in his State of the Union address last week. “I will sign it right away,” he said in a statement.
House Majority Leader Eric Cantor (R-Va.) said the House would review the Senate bill, adding he intended to bring it to the floor next week.
Is anyone going to shed tears these amendments passed as well:
Lawmakers also agreed to new restrictions on bonuses for Fannie Mae and Freddie Mac executives.
The Senate also adopted an amendment requiring lawmakers and top executive branch officials to disclose their mortgage terms, a response to the Countrywide scandal in which several lawmakers received VIP loans.
Some amendments failed to get full Senate approval, but still, this is somewhat surprising and refreshing to see Congress take substantive steps to end certain types of corruption.
Does this end corruption as we’ve known it in the Senate? No.
Does this signal that when the American populace gets angry, Congress listens?
Well, within a month, Congress reacted to put the breaks on the SOPA-PIPA bills, and move to curb insidious insider trading benefits.
A mass uprising by the people (with the help of the Internet) can scare our leaders from time-to-time. That’s good to see.
Now, if that would only work with the banks!