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Stock Amendment To Affect Wall Street Traders, Expands Definition Of ‘Lobbyist’

February 8, 2012 by  

Stock Amendment To Affect Wall Street Traders, Expands Definition Of ‘Lobbyist’

The House will vote on February 8 on its version of a bill that would crack down on Congressional insider trading and political intelligence peddling, The Washington Times reported.

According to the newspaper, this move comes as the version of the bill that the Senate passed last week has raised concerns regarding the notion that the legislation could turn the act of calling a Congressional staffer about a bill a lobbying activity.

Senator Chuck Grassley (R-Iowa) succeeded in adding a provision to the Senate bill that would require any individual who seeks information from a government official to help with investment decisions or analyze markets to register as a lobbyist, according to the Times.

"There is a growing unregulated industry with no transparency," Grassley said in a statement. "If a lobbyist has to register in order to advocate for a school or a church or a private corporation, shouldn’t a lobbyist have to register if they’re seeking information that ends up in making people a profit."

CBS News reported that the Stock Act passed in the Senate by a margin of 96 to 3 and the bill is expected to pass through the House with bipartisan support.

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