GOP Seeks ‘Pelosi Provision’ in Insider Trading Bill

Wednesday, 08 Feb 2012 02:38 PM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
House Republican leaders hope to add a provision to the congressional insider trading bill that would forbid members of Congress from gaining special entrance into initial public offerings (IPOs) of stock. The plank is known as the “Pelosi provision,” a House GOP aide told The Hill.

Pelosi participated in Visa’s 2008 IPO under shady circumstances. While she denied any wrongdoing, a “60 Minutes” report last year cited her and several other members of Congress, suggesting Pelosi and her husband benefited from the Visa IPO at the same time Congress was considering fresh rules for credit card companies.

The “Pelosi Provision” may spark opposition from Democrats. The current legislation has broad support from both sides of the aisle. Pelosi spokesman Drew Hammill declined to comment on the planned provision. “We look forward to reviewing the text of the bill Leader [Eric] Cantor is writing in secret,” he told The Hill.

The Stop Trading on Congressional Knowledge Act, originally offered in the House, has now reached 283 co-sponsors, including 99 Republicans. The Senate overwhelmingly passed its version last week.

Democrats accused Cantor of slowing work on the bill last year, but he has put it at the top of the agenda for 2012.




© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Biden's Son Beau to Run for Governor in Delaware

Thursday, 17 Apr 2014 21:46 PM

Beau Biden, the son of Vice President Joe Biden and the current attorney general of Delaware, announced he will not seek . . .

Issa: IRS Probe Will Continue Despite White House Roadblocks

Thursday, 17 Apr 2014 18:16 PM

Rep. Darrell Issa said on Thursday that the congressional investigation into the targeting of conservative groups by the . . .

Poll: Ga. GOP Senate Primary Is Tight Race Coming Down to Wire

Thursday, 17 Apr 2014 19:51 PM

It's anyone race in Georgia's crowded GOP Senate primary, with businessman David Perdue and Rep. Jack Kingston holding t . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved