The SEC's top enforcement official, Robert Khuzami, is all for stopping members of Congress from insider trading. But he wants Congress to tread carefully in enacting such a ban. As he said recently in testimony:
While trading by Members of Congress or their staff is not exempt from the federal securities laws, including the insider trading prohibitions, there are distinct legal and factual issues that may arise in any investigations or prosecutions of such cases. Any statutory changes in this area should be carefully calibrated to ensure that they do not narrow current law and thereby make it more difficult to bring future insider trading actions against individuals outside of Congress.