House bans federal lawmakers from insider trading
House bans federal lawmakers from insider trading
February 9, 2012
Source: Ap
WASHINGTON — The House on Thursday joined the Senate in voting to explicitly prohibit members of Congress and other top officials from making investments on insider information. But an effort to bridle purveyors of Capitol Hill political intelligence could delay the bill’s enactment.
House Republicans stripped out provisions from the Senate bill that would:
—Treat people who sell inside information about Congress like lobbyists and make them file reports detailing what they spend and with whom they talk.
— Restore the tools to prosecutors to bring public corruption cases against state and federal officials.
The Senate is unlikely to accept those changes, according to a Democratic leadership aide speaking on condition of anonymity because no final decision has been made. That would mean negotiators would have to find a compromise agreeable to both houses before the bill could be signed into law. President Barack Obama has already said he would sign it.
The bill passed the House by a 417-2 vote just a week after the Senate approved its version 96-3. The lopsided votes illustrate how members of both houses are united in trying to dig Congress out from dismal approval ratings.
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