Cantor’s office wrote loophole into insider trading bill

Source: CNN via Raw Story

CNN is reporting that House Majority Leader Eric Cantor’s (R-VA) office wrote a loophole into the House version of the Stop Trading on Congressional Knowledge Act (STOCK) exempting Congress members’ spouses and children from having to report stock market transactions over $1,000 in a timely manner.

The Senate version of the bill requires these transactions be reported within 45 days by both its members and their families. But a memo from the Office of Government Ethics, which oversees all federal executive branch employees, used the House version, telling them spouses and children were not subject to the rule.

Neither of the bill’s Senate co-sponsors, Scott Brown (R-MA) and Kirsten Gillibrand (D-NY), knew about the discrepancy.


“I mean, bottom line, we’re supposed to have that level of transparency and have us be treated like every other member of the United States,” Brown told CNN’s Dana Bash. “Bottom line, if we can’t do it, then — sorry, if they can’t do it — then we shouldn’t be able to do it as well.”

Read more: http://www.rawstory.com/rs/2012/07/20/cnn-cantors-office-wrote-loophole-into-insider-trading-bill/

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