insider trading

McMurray for Congress / WBFO News

Congressman Chris Collins has suspended his re-election efforts after he was indicted on insider trading charges last week.

File photo: Chris Caya WBFO News

Rep. Chris Collins is suspending his re-election campaign in the wake of his indictment in an alleged insider trading scheme -- a move that throws the 27th District race into further turmoil.

File Photo

The indictment charging Rep. Chris Collins (R-Clarence) and his son with insider trading has raised questions about this November's congressional elections. His GOP colleague in Western New York, Tom Reed said he recognizes the indictment represents "serious allegations," but Collins' decision to stay on the ballot is a family decision.

Nick Lippa / WBFO News

Rep. Chris Collins (R-Clarence) and two others pleaded not guilty to insider trading charges in a federal courtroom in Manhattan on Wednesday. During an evening news conference in Buffalo afterward, Collins rejected calls that he resign from Congress.

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A congressional probe of Rep. Chris Collins says there is "substantial reason" to believe the Clarence Republican may have been involved in insider trading on an Australian biotech stock, a violation of federal law.

WBFO News file photo

An investigation of Rep. Chris Collins has moved to the House Ethics Committee, after a review by the Office of Congressional Ethics. The person who filed the original complaint against the Clarence Republican said this shows there will be a deeper dive into the congressman's investments.

President Obama signs Slaughter's STOCK Act

Apr 4, 2012
whitehouse.gov

A broken leg kept Western New York Rep. Louise Slaughter from attending the presidential signing of a bill she championed that prohibits insider trading among members of Congress and other federal employees.

President Obama cited Slaughter by name during a signing ceremony today for the the Stop Trading on Congressional Knowledge Act, lauding her six-year effort in getting the bill passed.

"She first introduced the STOCK Act in 2006 and I know how proud she is to see this bill that she championed finally become law," President Obama said.

A version of Rep. Louise Slaughter’s Stop Trading on Congressional Knowledge, or STOCK, Act, which is aimed at ending insider trading in Congress, is on its way to President Obama’s desk for his signature. 

The Senate approved the legislation by a voice vote of 96-3 Thursday afternoon. 

Slaughter first introduced the measure six years ago, but it failed to gain traction until the CBS show 60 Minutes aired a piece on it last fall.  Hundreds of sponsors soon signed on and the bill passed in the House overwhelmingly last month.