With the Senate Homeland Security and Governmental Affairs Committee set to begin congressional insider trading hearings today, Sen. Kirsten Gillibrand, whose husband trades stock options, has proposed a bill that would legalize, not ban, insider trading by members of Congress. “This is just nuts,” says UCLA Law Professor Stephen Bainbridge. The controversy surrounding Sen. Gillibrand’s version of the STOCK (Stop Trading on Congressional Knowledge) Act involves a curious omission of a conjunction that CNBC.com editor John Carney calls “shocking” and a “scandal” because it would “gut the law” entirely. In Sen. Scott Brown’s version of the bill, the law reads:...