On Thursday, January 26, Senate Majority Leader Harry Reid announced that the Senate would take up the “Stock Act,” rather than postal reform legislation during the week of January 30. The Stock Act bans insider trading by Members of Congress. In his State of the Union Address, President Obama indicated that he would promptly sign into law the Stock Act, when passed.
At this point, there is some uncertainty about scheduling Senate consideration of S. 1789, although the Senate Leadership, Homeland Security and Governmental Affairs Chairman Joseph Lieberman, and Ranking GOP Member Susan Collins would like to begin consideration during the week of February 6. A number of speed-bumps confront floor action: the Committee has yet to file its report on the bill; the Congressional Budget Office calculated a significant cost associated with bill; and there are number of controversial provisions in the bill that are generating strong opposition.