House Passes Insider Trading Bill

Source: AP / USA Today

WASHINGTON – The House passed a bill banning Congress and executive branch officials from insider trading, but brushed aside a provision aimed at reining in those who pry financial information from Congress and sell it to investment firms.

Thursday’s 417-2 vote likely sends the legislation to a House-Senate conference, where supporters of the tougher regulation will try to restore the proposal that was included in the version passed by the Senate. Voting against the bill were Reps. John Campbell, R-Calif. and Rep. Rob Woodall, R-Ga.

The language in dispute would require so-called political intelligence firms to register the same as lobbyists, and they would have to file public reports on their spending and contacts with federal officials. Portions of the financial industry lobbied for removal of the proposal.

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  • Jwrtr68

    You know its quite evident that there is a contingency within the House of Representatives who refuse to go all the way with real regulation.  They abhor the elimination of all loop holes because then accountability is unavoidable!  That is the real reason a lot of them got involved with politics in the first place, but you’ll never hear that from them, FOX News, CNN, MSNBC, the other three traditional major networks and so on…loop holes got us and keep us, as a country, in these economic messes!!!!