The Hill News

President Obama applauded the Senate for approving the STOCK Act Thursday, a sweeping insider trading law that restricts lawmakers and administration officials from using insider information when making investment decisions.

"In my State of the Union Address, I laid out a blueprint for an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules, including those who have been elected to serve the American people. Today, I’m pleased Congress took bipartisan action to pass the STOCK Act," Obama said in a statement. "After I sign this bill into law, Members of Congress will not be able to trade stocks based on nonpublic information they gleaned on Capitol Hill.  It’s a good first step.  And in the months ahead, Congress should do even more to help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people."

Obama's approval come! s despite key provisions being removed from the original version of the bill passed by the Senate. That legislation would have expanded federal laws prohibiting public corruption and required more substantial disclosures from political consultants who request information from Congress or the White House on behalf of financial institutions seeking investment guidance.

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