House Majority Leader Defies Public Outrage & Member Support for Congressional Insider Trading Ban: Statement of Meredith McGehee, Policy Director
The abrupt cancellation of the House Judiciary Committee’s markup of the STOCK Act is a slap in the face to the American people. The move by House Majority Leader Eric Cantor comes on the same day that a majority of House Members have co-sponsored the legislation. Once again, congressional leadership is putting its own interests above those of citizens.
Majority Leader Cantor has put the kibosh on a bill - now cosponsored by more than 220 House Members - to ensure that Members of Congress are sufficiently covered by anti-insider trading statutes. This cynical move, based on the hope that the public won’t notice, only reinforces the low-standing of the 112thCongress and speaks volumes of the root causes of the record-low public approval ratings for this Congress.
Speaker Boehner must reject this move by Rep. Cantor and see to it that a well-drafted bill protecting against insider trading by Members of Congress and their staffs moves out of the House immediately.