The House Financial Services Committee held a hearing on congressional insider trading. The committee looked into allegations Members have enriched themselves through legal stock trades based on non-public information.
The hearing looked at a bill that aims to prevent lawmakers from using information they obtain through work to trade stocks. A form of the legislation was originally introduced in the House in 2006. The current bill is H.R. 1148, the "Stop Trading on Congressional Knowledge Act."
The House Ethics Committee sent a memo stating that members of Congress may be liable as insider traders, whether they obtain nonpublic information as part of their official duties or outside them.
A recent "60 Minutes" segment focused on financial transactions involving House Speaker John Boehner (R-OH), Democratic leader Nancy Pelosi (D-CA) and Rep. Spencer Bachus (R-AL). All three have denied wrongdoing.