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Senate approves trading curbs

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The U.S. Senate on Thursday voted overwhelmingly to send President Barack Obama legislation imposing new curbs on insider trading by members of Congress, Reuters reported, even though the measure is weaker than a version it passed in February.

“After I sign this bill into law, members of Congress will not be able to trade stocks based on nonpublic information they gleaned on Capitol Hill,” Obama said in a statement. “It’s a good first step. 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.”

Senators voted 96-3 for a motion that allowed automatic adoption of the Stop Trading On Congressional Knowledge Act, the most extensive effort to clamp down on Congress’ personal dealings in years.

The approval margin was identical to a Feb. 9 vote on a measure that included two key provisions that were dropped from the final version: one creating new legal tools for prosecutors to pursue public corruption cases and another that would require so-called political intelligence operatives to register under lobbying laws.

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