Tags: GOP | stock | trading | bills

GOP Support Grows for Stock Trading Bills

Monday, 28 Nov 2011 04:49 PM

By Newsmax Wires

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Increasing numbers of Republicans are offering their support for a Democratic bill that would forbid members of Congress from using inside information in trading financial securities such as stocks, The Hill reports.

A recent “60 Minutes” story alleging that some House members benefited from trades based on information they were privy to in legislative deliberations has prompted representatives and senators to favor the Stop Trading on Congressional Knowledge Act that Rep. Tim Walz, D-Minn., introduced in March.

The bill now has 100 co-sponsors, compared with only 10 before the “60 Minutes” report. And the bill now has 19 Republican co-sponsors, up from just one before the CBS program broke the story.

Five Republican senators offered a companion bill just before the Thanksgiving break. Scott Brown of Massachusetts was the chief sponsor, joined by Roy Blunt of Missouri, Dean Heller of Nevada, Marco Rubio of Florida, and Olympia Snowe of Maine.

The "60 Minutes" report alleged that House leaders, including Minority Leader Nancy Pelosi, D-Calif., Speaker John Boehner, R-Ohio, and House Financial Services Committee Chairman Spencer Bachus, R-Ala., profited in their stock investments from information during deliberations. All three denied wrongdoing.

When it came to Pelosi, the report focused on her participation in an initial public offering by the credit card company Visa while she was House speaker. Her office labeled the report a right-wing smear directed at her.

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