Skip to comments.House insider trading bill takes dig at Pelosi (the "Pelosi Provision")
Posted on 02/07/2012 5:46:44 PM PST by Libloather
House insider trading bill takes dig at Pelosi
By David Lawder | Reuters 1 hr 17 mins ago
WASHINGTON (Reuters) - Republicans in the House of Representatives will take an election-year dig at top Democrat Nancy Pelosi in changes added to a fast-moving ethics bill, adding new curbs to prevent government officials from gaining special access to initial public stock offerings.
A senior House Republican aide said on Tuesday the so-called "Pelosi Provision" would strengthen the Stop Trading on Congressional Knowledge (STOCK) Act passed by the Senate last week.
The provision, one of a number of changes drafted by House Majority Leader Eric Cantor, aims to shine a spotlight on Pelosi's husband's purchase of shares in the 2008 initial public offering by Visa Inc as Congress was considering new credit card regulations.
The CBS news show "60 Minutes" highlighted the transaction as one of several controversial trades by lawmakers in a piece last November that drew national attention to the profits generated by Congress' inside knowledge -- and sparked new support for a bill that had languished in the House for years.
Within two days of the Visa offering, the 5,000 shares purchased by Paul Pelosi had risen $20 each.
(Excerpt) Read more at news.yahoo.com ...
The very idea that we need a Law to prevent this in the first place is truly pathetic.
There are Insider Trading laws already on the books and I'm sure there are numerous violators on both sides of the aisle - if those laws havent been enforced, why would this one?
This law is being passed because insider trading laws DIDN’T apply to congress critters.
Exempt - just like Commiecare.
I was wondering if that were the case - jeez - thanks....
Agreed. Or is that agreedy pack of POS?