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President Obama to sign the Stock Act

President Obama is scheduled to sign the Stop Trading on Congressional Knowledge Act, known by its acronym, Stock, on Wednesday.

Members of Congress are subject to the same insider trading laws that apply to everyone else, under the act.

The Stock Act passed the Senate on a 96 to 3 vote on March 22, with dissent coming from Sens. Chuck Grassley, R-Iowa, Tom Coburn, R-Okla., and Richard Burr, R-N.C.

The bill includes a measure that bans bonus pay at Fannie Mae and Freddie Mac.

“It’s a good first step,” Obama said at the time of the bill’s passage. “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.

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