A week after the Senate overwhelmingly approved a bill that would ban insider trading by members of Congress, the House followed suit. Legislation similar to the STOCK Act in the Senate passed in the House today by a margin of 417-2. Two Republican Congressmen, John Campbell and Rob Woodall, who represent a large portion of Orange County, Cal. and counties northeast of Atlanta, respectively, were the only ones to vote against the bill.
The legislation is similar, but not exactly the same. One large difference is the House removed a provision in the Senate version of the bill that would regulate firms that collected political intelligence for investors. The Senate bill would require such firms to register and report on their activities, much like lobbyists do now.
Instead, the House included a provision that calls for a study of whether or not such registration should be required for these firms. The next step is for the two parts of the legislative branch to either form a committee or negotiate informally to reconcile the differences between the bills.
Still, given the speed at which this bill has went from an idea in Barack Obama’s State of the Union Address to being passed by huge margins in both the House and Senate, it seems that bipartisanship hasn’t yet died in D.C.
For the complete story, check out this article in The New York Times.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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