The U.S. Senate passed a bill Thursday to bar members of Congress, their staff and most executive branch employees from using non-public information for insider trading.

The bill, known as the Stop Trading on Congressional Knowledge Act, or STOCK Act, has passed by a vote of 96-3, and also requires any trade over 1,000 U.S. dollars to be reported within 30 days.

President Barack Obama praised the outcome, saying "no one should be able to trade stocks based on non-public information gleaned on Capitol Hill."

"I urge the House of Representatives to pass this bill, and I will sign it right away," he said.

However, some critics have said the bill is symbolic in nature and aims at restoring Washington's sagging image.

It works as an assurance that members and employees of Congress are not exempt from the prohibitions of the Securities and Exchange Commission (SEC) laws.

A recent poll of 1,000 Americans showed that just 13 percent approved of the Congress's job, while 80 percent disapproved.

With a high unemployment rate and low expectations for growth, Congress has been slow to act, inviting unfavorable comparisons with the "Do-Nothing Congress" of the Harry Truman era.

The House will debate on the bill next week.