House Ready To Consider Insider Trading Ban

House Majority Leader Eric Cantor is wasting no time in acting on Senate-passed legislation to explicitly bar members of Congress and thousands in the executive branch from insider stock trading.

Cantor says it's critical that the same rules apply to administration officials and members of Congress. Earlier, Cantor had said he might strengthen the bill to include land deals and other types of transactions.

President Barack Obama says he will sign the legislation as soon as it reaches his desk. The Senate passed the bill 96-3 on Thursday, in a rare display of bipartisanship.

The bill requires covered officials to post any new transactions online within 30 days.

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  • by Truth matters Location: Greenville on Feb 4, 2012 at 08:09 PM
    Sen Burr voted against this. Of course since he owns shares of natural gas companies and will benefit from natural gas legislation he recently proposed I guess his vote makes sense.
  • by shonuff on Feb 4, 2012 at 04:55 AM
    This country really need to rise up against all the crooks in DC and in every state capital across this land. It's organized crime, the new mob. They took the mops of Chicago, Boston and the like, gave them a politicians title and sent them to DC to finish robbing Americans blind. Tax, re-tax, double tax and when you think they can't find another tax they find ten more new taxes, then they go up on ALL the previous taxes. And the whole while your elected officials are getting beyond rich. Something is definitely broken in our government.
  • by Col. Colt Location: ENC on Feb 3, 2012 at 02:05 PM
    Senator K. Hagan, networth rose from 4.338 MILLION TO 39.9 Million SINCE SHE HAS BEN IN THE SENATE
  • by Obama Snake Oil Co Location: Washington on Feb 3, 2012 at 01:53 PM
    From ABC; "We can start restoring some of the faith that's been lost in our government by taking this common sense step of making members of Congress play by the exact same rules as everyone else," said Sen. Kirsten Gillibrand, D-N.Y., who with Sen. Scott Brown, R-Mass., wrote the bill "We must make it unambiguous that this kind of behavior is illegal." President Barack Obama endorsed the bill in in State of the Union speech last week, saying he would "sign it tomorrow." Brown used that opening to briefly speak with the president as he was exiting the House chamber after Tuesday's address. "The insider trading bill's on Harry's desk right now," Brown told Obama, referring to Senate Majority Leader Harry Reid. "Tell him to get it out, it's already there." "I'm gonna tell him," answered Obama. "I'm gonna tell him, I'm gonna tell him to get it done." Obama raised the issue again in his radio and Internet address on Saturday. "The House and Senate should send me a bill that bans insider trading by members of Congress, and I will sign it immediately. They should limit any elected official from owning stocks in industries they impact," he said. Well Harry?
  • by ? on Feb 3, 2012 at 01:34 PM
    Politians as a whole: if a politian is speaking he is lying, if his hands are out of his pocket he is stealing, if his brain is functioning he is scheming
  • by 44mag. on Feb 3, 2012 at 01:27 PM
    I really want to sit on the jury for this one!!!There guilty one an all!!!
  • by Col. Colt Location: ENC on Feb 3, 2012 at 01:21 PM
    Previous post, I found the site again listing wealth gain since in senate, K. Hagen 14th on list. Look it up yourself Anonoymoues looser!
  • by Anonymous on Feb 3, 2012 at 01:11 PM
    Every person Republican or Democrat that has held a leadership position in congress should go to prison for the same amount of time that Martha Stewart did. How can they defend themselves. They are doing exactly what she did, only worse. They are the lawmakers. We have got to throw them all out and start over. They are laughing their way to the bank every two weeks. What thieves they are.
  • by Obama Snake Oil co Location: Washington on Feb 3, 2012 at 01:01 PM
    Rep. Barney Frank (D-MA) announced today that he will retire from Congress at the end of his term. Frank cited a series of scandals as his reasons for leaving–from the prostitution ring that ran from his apartment in the late 1980s; to his role in placing his then-boyfriend in a job at government-backed mortgage giant Fannie Mae in the 1990s, while Frank was on the House Financial Services Committee; to new questions raised today about Frank’s potential involvement in the unfolding insider trading scandal in Congress. Frank finally apologized for his role in the housing bubble that led to the financial crisis of 2007-8 and set the stage for the worst recession since the Great Depression. Frank had shielded Fannie Mae and Freddie Mac from regulation, which in turn encouraged banks and buyers to embrace unstable mortgages. These were repackaged and sold as securities whose instability was masked due to their implicit government guarantees.
    • reply
      by Anonymous on Feb 3, 2012 at 02:38 PM in reply to Obama Snake Oil co
      Wow, now tell us what Newt and Romney did.
  • by Anonymous on Feb 3, 2012 at 12:13 PM
    correct me if i am wrong, there were american citizens going to prison for this while congress was doing the same thing. there should be a congressional probe of this. who would be on that panel. oh the ones doing the insider trading. something really really stinks here.
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