The Senate has passed a bill explicitly prohibiting members of Congress, top aides and senior administration officials from insider trading.
 
The bill, which passed 96 to 3, now heads to the House.
 
Earlier this week, U.S. Senator Sherrod Brown outlined a bill requiring members of congress to divest themselves from stock holdings.
 
He says the Putting the People’s Interests First Act of 2012 was offered as an amendment to the STOCK Act or Stop Trading on Congressional Knowledge Act of 2012.
 
            
 
Brown says House and Senate members need to focus on serving constituents, not stock portfolios.
 
Brown says American democracy depends on public trust.
 
           
 
U.S Senator Rob Portman says he supports the STOCK Act.
 
            
 
A manager of the bill, Republican Senator Susan Collins of Maine says when polls show low public confidence in Congress, there’s a strong desire to address the concerns that underpin public skepticism.
 
In President Obama’s recent State of the Union Address, President Obama called for a bill to ban insider training and promised to sign legislation as soon as it passed through Congress.