Interesting development. House Majority Leader Eric Cantor has announced that:
“I’m pleased that the Senate passed a stronger STOCK Act today to prevent Members of Congress and staff from using insider information for their financial benefit. Insider trading at any level of the federal government is unacceptable. We will quickly review the entire bill and the amendments that were added today to ensure that public servants, whether in the legislative or executive branch, do not personally profit from insider information. It is critical that the bill we send to the President guarantees that the same rules apply to those in the federal government as they do to everyone else. Therefore, it is my intention to schedule consideration of the Senate-passed STOCK Act on the House floor next week.”
Very interesting. Up until now, Cantor had planned to load the bill up with all sorts of poison pills, like extending it to irrelevancies like land transactions. I believe that was an effort to kill the bill. But even if he had brought up the current House version of the bill, without all the poison pills, it still wouldn't be as good a bill as the one the Senate passed (see this post).
So now the big question is: Does Cantor really intend to let the House vote on a clean version of the Senate bill without all the poison pills? Or has he left himself wiggle room?
When I write the next volume of the history of insider trading law, this will be the pivotal moment.