Leave it up to House Majority Leader Eric Cantor to let lawmakers profit from insider trading on Wall Street. After the Senate passed the STOCK Act – prohibiting Members of Congress from using privileged information they get from Committee Hearings to purchase stocks – it’s the House’s turn to pass similar legislation.
Unfortunately, Eric Cantor is watering down the Senate’s bill – and also broadening it in what looks like an attempt to attract more “no” votes to the legislation to kill it. One of the most important provisions passed in the Senate, but not included in the House version of the STOCK Act, required political insiders who relay information from Washington to Wall Street to give hedge fund managers a scoop on what to invest in. That provision was stripped out by Cantor.
Republican Senator Chuck Grassley – who wrote the provision – blasted House Republicans saying, “It’s astonishing and extremely disappointing that the House would fulfill Wall Street’s wishes by killing this provision.” I don’t know about you – but I’m not too astonished by the House doing what Wall Street’s wants – after all this batch of House Republicans were elected thanks to over 300 million in outside cash – much of it coming from Wall Street. Now – Wall Street is getting a return on their investment in Eric Cantor and his Tea Party gang.
Comments
How would Eric Cantor argue that this provision should be stripped from the bill? I hope he gets asked about that in a really public way.
Cantor also has had 'treasury bear fund' positions while scuttling the debt ceiling negotiations.
All active members should be required to have their holdings in a blind trust for the entire time they serve, and for a year extension after they leave, whether or not they get a lobby gig.
Eric Cantor is the poster child for Creepy GOPimp smarmy shithead.