Cantor guts STOCK act

[simpletron]

Is the information Congress recieves behind closed doors now being considered material non-public information?

The reason why I ask is even if an insider tells someone else the material non-public information, that someone can be prosecuted for insider trading. For example if the CEO of company A tells his neighbor that company A's earnings are going to be higher than expected and then that neighbor buy company A stock before the earnings report, then the neighbor can be prosecuted.

So if the congressional information is considered material non-public information, then wouldn't trading on non-public political-intelligence also be illegal under both bills. But it would harder to detect under the cantor bill because of the no disclosure of political-intelligence groups.

If the congressional information isn't being consider material non-public information, I can see why there is a fuss for the Grassley amendment and should be adding to get the ball moving.

 

[Gonad the Barbarian]

http://www.cnn.com/2012/07/19/politics/stock-act-loophole/index.html

In the Senate, the Ethics Committee released one page of guidelines last month ruling that members and their spouses and dependent children all have to file reports after they make stock or securities trades. But the House Ethics Committee disagreed.

Its 14-page memo notifies House members and aides covered by the law that their spouses and children aren't covered. The Office of Government Ethics, which oversees all federal executive branch employees, sided with the House, informing its employees that their spouses and children don't need to file these periodic reports.
...

Robert Walker, a Washington ethics attorney and former chief counsel for both the House and Senate Ethics Committees, explained that the Senate bill did include a provision that covered spouses and children, but when Cantor's office wrote the House version, this language was shifted to a different section of the bill. The change meant that spouses and dependent children weren't subject to the new reporting requirements.

"The House recrafted some of the provisions of it and moved some of the provisions around. In that process, some of the Senate bill that applied to filing of these new reports was moved from one section of the bill to the other," Walker said.

The Senate Ethics Committee decided to stick with the spirit of the law that senators originally intended, but the House Ethics Committee went with the letter of the law, which included the loophole not requiring spouses and children to report financial transactions in a timely fashion.
...

Initially when contacted by CNN, Cantor's office insisted it did nothing to change the intent of the STOCK Act. But when pressed with the new information uncovered by CNN, the majority leader's office conceded it made changes to the House bill that effectively took out the requirement for spouses and children to file these reports.

Cantor's spokesman maintains the change was inadvertent, but told CNN because of our reporting, they're now promising to remedy the problem.

Meet Diana Cantor, partner at Alternative Investment Management, LLC. and Eric Cantor's wife:
http://ncf.uschamber.com/bios/diana-f-cantor

 

[Doppel]

http://www.cnn.com/2012/07/19/politics/stock-act-loophole/index.html



Meet Diana Cantor, partner at Alternative Investment Management, LLC. and Eric Cantor's wife:
http://ncf.uschamber.com/bios/diana-f-cantor

This is why I say the democracy in the US is failing. It's a plutocracy. money money money. Often there's just no point in even voting, you're voting for the same end result anyway.

 

[Howard]

Would be nice if someone just murdered him. Not that I'm saying anyone should do it, mind you...

 

[kage69]

http://www.cnn.com/2012/07/19/politics/stock-act-loophole/index.html



Meet Diana Cantor, partner at Alternative Investment Management, LLC. and Eric Cantor's wife:
http://ncf.uschamber.com/bios/diana-f-cantor

Used to be a VP at Goldman Sachs, how about that...

 

[Hayabusa Rider]

Needs to be fixed at least for spouses, but I expect Diane Cantor already has reporting requirements. Someone correct me if I'm wrong.

 

[Hayabusa Rider]

Used to be a VP at Goldman Sachs, how about that...

Not surprising. Be nice to know what Michele Obama is doing too

 

[sportage]

It's nice to know Mr. Cantor decided this change Washington BS was pretty comical after all. hahaha ...... ha

And you thought these people running for office were actually do-gooders.
I'm speechless... (and lmao)

 

[Wreckem]

Well a broke clock is right twice a day, and I guess Congress is as well.

Both the House and the Senate passed bills to fix the family member loophole. They also took out the provision that allowed foreign governments to view high level govt officials financial data. Which is a good thing because it never should have been in there in the first place.