When Congress wants to move fast, it can. When lawmakers want to look like they're moving fast but make some changes in a bill that has broad public support, they can do that too. And that's what is going on right now with the STOCK Act.
The STOCK Act is a bill that would crack down insider trading by members of Congress and senior members of the Executive Branch.
It was crafted in response to a story by "60 Minutes" late last year that alleged some profit-making by lawmakers who knew of non-public "insider" type information that could move the markets.
Last Thursday, the Senate approved a bill to tighten the rules of members, and quick action was expected this week in the House.
Today, the House will vote on the bill - but there are some changes, and that's prompting a round of finger pointing over what's being done.
For example, Republicans issued a list of achievements in the bill, even as they tinkered with the language:
- Specifically prohibit Executive and Legislative Branch officials from gaining preferential access to initial public offerings
- Definitively extend the new transaction reporting requirements to all Executive Branch officials who are required to file annual financial disclosures
- Extend the proposed Legislative Branch public disclosure requirements (including making all financial disclosures available online by September 1, 2012) to the Executive Branch
- Extend the current restriction on employment negotiations by senior government officials to the Executive Branch
- Extend the current prohibition on attempting to influence private hiring decisions on the basis of political affiliations to the Executive Branch
- Ensuring the prohibitions on using nonpublic information for private profit extends to all Executive, Legislative, and Judicial Branch officers and employees
But House Democrats say Republicans are doing a little bait and switch advertising with this bill. Here is an excerpt of their own press release, which comments on the claims of House GOP leaders as to whether they are strengthening the STOCK Act - or watering it down.
As you can see, the two parties don't agree on some of the basics about this bill.
If the House approves this revised plan, it must go back to the Senate for further work, or go to House-Senate negotiators.
Sometimes reform takes a little while to dance its way through the U.S. Congress.
