NEW YORK ( TheStreet) -- President Barack Obama on Wednesday signed into law the Stock Act that bars members of Congress from using nonpublic information collected on Capitol Hill for personal benefit. The Stop Trading on Congressional Knowledge (STOCK) Act received support from 84 House co-sponsors, and Sen. Scott Brown (R., Mass.) filed the Senate version, according to procon.org, after a 60 Minutes report in November revealed a number of members ha allegedly used insider information for stock market gains.
The new law requires senators and representatives to report certain investment transactions within 45 days after a trade, the White House wrote in a press release, and it mandated that the information be made available electronically in a searchable database. Vice President Joe Biden and Sen. Brown joined Obama as he signed the Stock Act into law. -- Written by Joe Deaux in New York. >Contact by Email. >Follow Joe Deaux on Twitter. Subscribe on Facebook.