Stock Trade Bill Move Angers Dems
Democrats aren’t taking House Majority Leader Eric Cantor’s takedown of Rep. Spencer Bachus lightly.
Following a POLITICO report earlier Thursday that Cantor forced Bachus, the House Financial Services Committee chair, to reverse course on legislation that would crack down on congressional insider trading, the bill’s top backers lashed out at Cantor’s decision to pressure Bachus to back down.
“I was completely surprised and taken aback to find that the Republican leadership had yanked it off the agenda and stopped the process from going forward,” Rep. Carolyn Maloney (D-N.Y.) said. “This is something that 99 percent of the Americans agree [with] completely.”
On Tuesday, Bachus called for a Dec. 14 markup on the STOCK Act, which would explicitly bar insider trading among members of Congress and federal workers. The bill, which stands for “Stop Trading on Congressional Knowledge,” languished in obscurity before a “60 Minutes” investigation in November propelled it onto committee agendas and to more than 200 co-sponsors.