Republicans insisted on including top government officials outside the Congress in the bill even though they also are covered by insider trading regulations and face tougher conflict-of-interest restrictions than members of Congress. In some cases, executive branch officials are required to divest themselves of stock holdings that pose a conflict. Lawmakers don't have to do that and the Senate bill would not require it.
In addition to the 30-day online reporting requirement, the Senate would have to join the House in posting members' annual financial disclosure statements online instead of making only paper copies available on request.
Sen. Rand Paul, R-Ky., proposed wiping out the entire bill and substituting a simple certification by senators each year that they did not participate in insider trading. It was defeated, with 37 senators voting "yes" and 61 opposed.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.