In an interview with 60 Minutes’ Lesley Stahl, House Majority Leader Eric Cantor pledged to move forward with a bill banning congressional insider trading early next year.”We wanna make sure that the public understands we abhor that kind of conduct,” Cantor said. “We’re gonna build on the STOCK Act and bring forward a measure that actually deals with all of it so we can take care of any suggestion that a member of Congress somehow uses his or her official position to affect their own personal enrichment.”
60 Minutes blew the lid off congressional insider trading last month, with a report detailing several suspect trades by lawmakers — including efforts to short the stock market during the 2008 financial crisis.
Cantor blocked the Stop Trading on Congressional Knowledge (STOCK) Act from undergoing a mark-up in the House Financial Services Committee earlier this month — the committee headed by Rep. Spencer Bachus, one of the lawmakers at the centre of the scandal.
Cantor said he envisions the ban including more than just insider trading, but also other suspect practices that allow lawmakers to profit.
“I think that you can look at examples across the country, of any various levels of government, where unfortunately there are some bad actors, and they’ve engaged in taking and seizing upon information they have — and acting on it,” Cantor said in the interview. “And that means whether they’re buying stock or whether they are buying land, allegedly, on inside information that they feel they can profit from that [when] no one else can.”
A Senate version of the STOCK Act cleared the Senate Homeland Security and Governmental Affairs committee last week.
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