Senators introduce "STOCK Act" to stop "insider trading" in Congress
This story was corrected at 6:30 p.m. to clarify that two separate bills are being introduced
A bill to stop "insider trading" in Congress is gaining momentum with two new Senate supporters.
Watch the "60 Minutes" report below:
Sen. Scott Brown, R-Mass., today introduced the Stop Trading on Congressional Knowledge (STOCK) Act of 2011, which would prohibit members or employees of Congress, as well as executive branch employees, from using nonpublic information obtained through their public service for investing or any attempt at personal financial gain. Sen. Kirsten Gillibrand, D-N.Y., is introducing a slightly different version of the legislation on Wednesday.
Like everyone else, members of Congress are subject to current insider trading laws. However, current insider trading laws do not apply to nonpublic information about current or upcoming congressional activity -- that's because members of Congress aren't technically obligated to keep that information confidential.
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