Bill blocking Congressional "insider trading" heads for a vote

WASHINGTON, DC (FOX25 / MyFoxBoston.com) - A bill that would prohibit “insider trading” among members of Congress will hit the floor on Monday for a vote.

Senate Majority Leader Harry Reid announced on Thursday that the “Stop Trading on Congressional Knowledge” Act will be addressed.

Massachusetts Senator Scott Brown introduced the legislation on Nov. 19. The measure would prevent members of Congress from using information obtained through their jobs for their own benefit.

President Obama acknowledged the bill during his State of the Union address, calling on Capitol Hill leaders to get a bill on his desk that would prevent Congress from insider trading.

Peter Schweitzer’s book, “Throw Them All Out” may be at the center of this legislation in the eyes of some.

The book suggests Massachusetts Senator John Kerry benefited from a loophole that enabled him to make money through trading stock in medical companies while also standing in firm support of “Obamacare.”

However, Senator Kerry adamantly denies the allegations and demanded a retraction.

Senator Brown admits that the bill is a direct response to a network news probe on the issue, but says it is in no way related to the allegations made against Senator Kerry.