Congress had to do something with its public approval rating approaching single digits and concerns echoing about lawmakers taking advantage of inside information that often comes their way. Thus, the U.S. Senate approved last week by a 96-3 margin an ethics bill that, among other things, would make clear lawmakers are covered by federal laws and regulations that prohibit insider trading of stocks and other securities.
Now the U.S. House must act without delay to approve the legislation.
Of particular importance are provisions added on the Senate floor to strengthen the measure. Senators attached helpful elements to promote transparency. For instance, members of Congress would be required to disclose the purchase or sale of stocks, bonds, commodities futures and other securities within 30 days. Appropriately, the requirement would not apply to mutual funds with “widely diversified” assets. More, the legislation would restore to prosecutors tools necessary to pursue “self-dealing” in public corruption cases.
No question, the legislation may go too far in calling for the disclosure of financial transactions by some 300,000 federal workers. Ideally, it would be stronger, simpler and better by requiring, as Sherrod Brown of Ohio proposed, lawmakers to put their finances in a blind trust. Still, the legislation marks a substantial advance. It soon should arrive on the president’s desk.
