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House Passes Watered Down Congressional Insider Trading Ban

By Pat Garofalo

"House Passes Watered Down Congressional Insider Trading Ban"

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By a vote of 417-2, the House of Representatives today passed the House GOP’s watered down version of the Stop Congressional Trading on Insider Knowledge (STOCK) Act, which was authored by House Majority Leader Eric Cantor (R-VA). The bill removed significant provisions, including one forcing influence peddlers who sell information they learn from Congress to corporations to register as lobbyists. The House GOP’s changes to the bill prompted Republican Sen. Chuck Grassley (IA) to blast his own party for fulfilling “Wall Street’s wishes.” The bill now goes to conference committee, as a stronger bill already passed the Senate.

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