00:00It's Benzinga bringing Wall Street to Main Street.
00:03The House of Representatives advanced legislation Wednesday that would bar members of Congress from
00:07buying individual stocks while in office, according to CNBC. The Stop Insider Trading
00:13Act passed 232 on 198, with more than a dozen Democrats joining Republicans. The bill would
00:19allow lawmakers to keep existing holdings and sell stocks after publicly disclosing their intent at
00:25least seven days in advance. It would also raise penalties for disclosure violations to $2,000
00:30or 10% of the transaction value. Critics called the proposal too weak because it does not require
00:36divestment. House Republicans also added voter identification and proof of citizenship
00:41requirements, reducing Democratic support. The measure now heads to the Senate where its
00:46prospects remain unclear. For all things money, visit Benzinga.com.
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