Reid's office has reportedly made it clear they are prepared to allow a vote as early as next week. Reid set to move on STOCK Act

The Senate will vote early next week on the STOCK Act, a bill banning insider trading by members of Congress that President Barack Obama said he’d sign “tomorrow.”

Senate Majority Leader Harry Reid (D-Nev.) filed a cloture motion Thursday evening, setting up a key procedural vote on the bipartisan legislation on Monday.


The Senate also passed by voice vote and sent to the president two measures: an anti-smuggling bill that was the final legislative act of Rep. Gabrielle Giffords (D-Ariz.) and a stopgap measure to continue funding for the Federal Aviation Administration through Feb. 17. The chamber could take up an FAA House-Senate conference report next week as well.

The Stop Trading on Congressional Knowledge Act, which would bar lawmakers from trading stocks based on information gleaned from congressional briefings, was in the spotlight during Obama’s State of the Union address Tuesday night.

“Send me a bill that bans insider trading by members of Congress, and I will sign it tomorrow,” Obama said during his address to a joint session of Congress.

As Obama greeted lawmakers after the speech, Sen. Scott Brown (R-Mass.), a lead sponsor of the bill, told the president to urge Reid to quickly take up the legislation. “My insider-trading bill is on Harry’s desk right now. Tell him to get it out,” Brown said in an exchange picked up by TV cameras.

“I’m going to tell him to get it done,” Obama replied. “How’s your daughter?”

Brown, who is facing a tough challenge this year from financial consumer advocate Elizabeth Warren, sent a letter to Reid on Wednesday asking him to schedule the vote. After Reid announced he would move the bill to the floor, Brown took an early victory lap.

“I think we’ve set a legislative speed record. I thank President Obama for supporting my legislation and Leader Reid for granting my request for a vote,” said Brown, who co-authored the bill with Sen. Kirsten Gillibrand (D-N.Y.).

“I hope the Senate passes the STOCK Act and sends a unified message to the American people that Congress is not above the law and will be held accountable,” he added. “We have to earn back the trust of the American people, and I think this bill helps clarify that members and staff are here to serve — not to profit from privileged information.”

Backed by Obama and Reid, the STOCK Act also has support from House Majority Leader Eric Cantor (R-Va.), ensuring the legislation should have a smooth path to the president’s desk.

Congressional insider trading, which many believe already is illegal, received national attention after CBS’s “60 Minutes” aired a segment in November criticizing the practice.

White House spokesman Jay Carney praised the Senate for taking up the legislation, saying it will “help limit the corrosive influence of money in politics and [restore] the American people’s trust in Washington.

“Members of Congress should not be able to trade stocks based on nonpublic information gleaned on Capitol Hill nor should they be able to own stocks in industries they impact,” Carney said. “We believe this is an important first step to prevent members of Congress from profiting from their positions and call for swift passage.”