The Senate, in a rare display of bipartisan unity, voted 96-3 to approve the Stop Trading on Congressional Knowledge (STOCK) Act, which reconfigures how the government-sponsored enterprises (GSEs) compensate their executives.
According to an Associated Press report, the STOCK Act is primarily focused on banning members of Congress from profiting off of confidential nonpublic information. However, the legislation also prohibits senior GSE executives from receiving bonuses as long as Fannie Mae and Freddie Mac remain in federal conservatorship. In a nod to the so-called ‘Friends of Angelo’ scandal, the STOCK Act also requires federal officials to disclose the mortgages they received for their primary residences.
Three Republican senators voted against the STOCK Act: Iowa's Charles E. Grassley, Oklahoma's Tom Coburn and North Carolina's Richard Burr. A fourth Republican, Illinois' Mark Kirk, was not present to vote because he is recovering from a stroke that he suffered in January.
The legislation has been sent to the White House, where President Obama is expected to sign it into law.