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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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  • s c

    Is there anyone out there who thinks elected scum in Congress have no legal or moral right to get rich at our expense? If WE can’t have access to insider stock information (because it’s ILLEGAL), then there is NO reason to let people in Congress do it.
    Are those vermin in Washington there to preserve, protect and defend the Constitution and keep America safe, or are they there to GET RICH any possible way they can do it?
    When a member of the House or Senate gets rich and has had access to insider stock information, it proves that our elected vermin have an agenda and that agenda has NOTHING to do with those slimers doing their job.
    Stop this crap. And if it can’t be stopped, then put an ‘exit tax’ on the SOBs when they leave Washington. Taxing 95% of their worth when they ‘depart’ seems more than fair. If people go to Washington to get rich, they don’t belong there in the first place. Why should we endure the elected version of a Madoff?

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