You are hereVeracity Stew: House Approves Congressional Insider-Trading Bill 417 to 2

Veracity Stew: House Approves Congressional Insider-Trading Bill 417 to 2


-By Stew Steve

February 9, 2012- What American citizen doesn’t know that insider-trading of stocks is illegal? Well, now our elected officials know it.

The House approved this morning the Stop Trading on Congressional Knowledge (STOCK) Act in a 417-2 vote, with all Democrats supporting the measure, and most Republicans. The two “no” votes were from Reps. John Campbell (R-CA) and Rob Woodall (R-GA).

Democrats had begun complaining in the past 24-hours after Majority Leader Eric Cantor (R-VA) caved to pressure from right-wing special interest groups, after a closed door meeting, and led Republicans to water-down the legislation as it relates to registration of lobbyists (what they refer to as “political intelligence consultants.” )

Most importantly, the House version of the bill does not include language clarifying that political intelligence consultants must register as lobbyists.

Several Democrats said they were disappointed in that omission, but said it is still important to pass the bill in order to get it to a House-Senate conference.

[...]

Democrats argued during the debate that the GOP language doesn’t do nearly enough to regulate political intelligence consultants, and noted that GOP Sen. Chuck Grassley (Iowa) is also angry at this change.

“I think his statement yesterday tells you all you need to know about his desire to see this language inserted back into the STOCK Act before it reaches the president’s desk,” said Rep. Louise Slaughter (D-N.Y.). She and other members read out Grassley’s statement from earlier this week that said the Senate “clearly voted to try to shed light on an industry that’s behind the scenes.”

The House bill does require a study on whether and how to regulate political intelligence consultants, which Pelosi dismissed as “just a dodge.” But Republicans said they stripped out this language because it’s not so easy to regulate such consultants.

FULL STORY HERE:

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