House Passes STOCK Act Requiring Disclosure by Federal Employees
February 9, 2012
The House on Thursday overwhelmingly approved its version of the so-called STOCK Act, which aims primarily at curbing insider trading by lawmakers, but also includes a provision to extend disclosure requirements to thousands of federal employees.
The measure that will affect federal workers differs slightly from a similar provision in the Senate version of the bill. The final details must be worked out in conference. By a 417-2 vote, the House approved the Stop Trading on Congressional Knowledge Act, including language released Wednesday night by Majority Leader Eric Cantor, R-Va., that removed a contentious Senate provision that would have required so-called political intelligence consultants to disclose activities and to register as lobbyists. The bill now will go to a conference committee to resolve differences.
"We added a provision to prohibit members of Congress, executive branch officials and their staffs from receiving special access to initial public offerings due to their positions," Cantor said in a statement before the vote. "We intend to act quickly to send the president a strengthened, workable bill that delivers on our promise to uphold the trust of the American people."