(Image source: The Boston Globe)

BY ZACH TOOMBS

A bill put forward by Republican Massachusetts Sen. Scott Brown aims to stop insider trading in Congress and the executive branch. And the proposal is finding few opponents on either side of the aisle.

Brown explained the need for his bill Monday on the Senate floor.

“With the bill before us today, we can take a small step to re-establishing the trust between the American people and Congress.”

Brown says it was a CBS 60 Minutes investigation last fall that prompted him to propose the new measure, called the Stop Trading on Congressional Knowledge, or STOCK, Act.

“If you are a member of Congress, and you are on the Defense Committee, you are free to trade defense stock as much as you want to. If you are on the Senate Banking Committee, you can trade bank stock as much as you want. And that regularly goes on.”

Brown introduced the proposal two months ago, but it wasn’t until President Obama highlighted Congressional insider trading in his State of the Union address that the bill gained traction. An exchange between Brown and Obama caught on camera after the speech might explain why.

BROWN: “The Insider Trading Bill is on Harry (Reid)’s desk right now. Tell him to get it ready. It’s already there.”

OBAMA: “I’m going to tell him. I’m going to tell him to get it done.”

But the bill’s effects are complicated. The use of insider information in making financial decisions is already illegal -- but laws focus on the private sector, not information gained through Congressional matters. CNN’s John King tells us what’s in the bill.

“Any member of Congress or their staff must report transactions within 30 days. Make sure insider trading laws apply to members of Congress. That’s the most ‘big duh’ to most people, but OK. And bars the use of non-public information for personal gain.”

The Huffington Post writes the measure would allow regulatory agencies and the Justice Department to prosecute any member of Congress who violates it. Despite broad bi-partisan support for the bill, Brown’s critics aren’t entirely pleased with his proposal. The Boston Globe writes:

“One of Brown’s Democratic opponents in this year’s US Senate race, Elizabeth Warren, has voiced support for a proposed Democratic amendment that would go even further, banning members of Congress form owning any stocks in the industries over which they have jurisdiction, citing Brown’s investments in Exxon-Mobil and Bank of America.”

This week, Brown boasted the bill might have set a legislative speed record -- it was introduced Nov. 15, and the Senate chose to move to a full vote Monday. As of yet, no date is set for a vote in the House.