WASHINGTON — Senate Majority Leader Harry Reid brought the STOCK Act back to the Senate floor on Tuesday.
The Senate will consider the House-passed congressional insider trading ban, a version of which was introduced by Minnesota Democrat Tim Walz, on Thursday. The Senate had passed its own version of the bill in February, but House Republican leadership changed it when it came to the floor of that chamber, removing a section applying the bill to members of “political intelligence” firms that collect and sell insider tips from people on Capitol Hill.
Democrats were livid with the section’s removal (it had been introduced by a Republican in the Senate, and passed 60-39) saying it weakened the underlying bill. Gor his part, Walz said he preferred Congress pass a version of the bill without political intelligence than not pass one at all.
Reid took the same stance on the Senate floor on Tuesday when he brought up the House-passed bill and asked the Senate to agree to it.
“It’s my hope than we can resolve this matter expeditiously, thereby making clear Congress’s intent to prohibit insider trading by members of Congress,” he said.
The Senate originally voted 96-3 to pass its version of the STOCK Act. The House followed with a 417-2 vote in favor of its bill. President Obama supports the legislation, highlighting it in his January State of the Union address.
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