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Sens. Leahy, Grassley push to repair the STOCK Act

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Sens. Patrick Leahy (D-VT) and Chuck Grassley (R-IA) called for Congress to convene a conference committee to restore two amendments to the Stop Trading on Congressional Knowledge (STOCK) Act.

“These are two of the most important and substantive provisions in the bill,” they said. “Without them the legislation would be significantly weakened.”

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In a rare showing of bipartisanship, the Senate voted 93 to 3 to approve the STOCK Act. However, when the bill was introduced to the House by Majority Leader Eric Cantor (R-VA), it did not include amendments that would close loopholes in the nation’s anti-corruption laws and require political intelligence agents to register as lobbyists.

The STOCK Act passed the House with a 417 to 2 vote in February.

“The Senate passed both of these amendments with strong, bipartisan support,” Leahy and Grassley said in a letter to Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY).

“Unfortunately, the House stripped both provisions from the STOCK Act without a vote. The Senate should act to ensure that the key improvements it made to this bill are incorporated into the final legislation that Congress passes.

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“We urge you to take the STOCK Act to a conference committee to resolve the differences between the Senate and House bills and to encourage the conference to restore these two key provisions.”

If the Senate takes up the House version of the bill rather than convening a conference committee, Leahy and Grassley urged the Senate leaders to allow them to re-introduce the amendments.

The STOCK Act prohibits lawmakers and their staff from trading stocks based on information they learn during congressional briefings and related work, among others things. It corrects the ambiguity in existing laws by empowering the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to ensure that members of Congress and their staff can be held accountable for illegally trading on non-public information.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Texas governor busted sending racist call-to-arms a day before El Paso attack: ‘take matters into our own hands’

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We focused on community healing, combating domestic terrorism, reducing hateful ideologies, & keeping guns out of hands of deranged killers while respecting 2nd Amendment rights.

We’ll keep TX safe.#txlege pic.twitter.com/ymct4aiSgK

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Facebook bans far-right website from pro-Trump advertising after they try to skirt transparency rules

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