The US House of Representatives passed the Stop Insider Trading Act in a 232-198 vote. The bill would prohibit members of Congress, their spouses and dependent children from purchasing publicly traded stocks. Violators would face fines equal to $2,000 or 10% of the transaction, plus disgorgement of profits. The bill now goes to the Senate for consideration. Senator Elizabeth Warren said the bill contains major loopholes, as lawmakers will still be allowed to own and sell stocks they already hold.
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