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House ready to pass Republican insider trading bill that has heavy Wall Street influence
WASHINGTON (AP) ' The House is ready to pass a Republican bill to ban thousands of federal officials from insider trading. The legislation was heavily influenced by Wall Street firms trying to avoid new public disclosure rules.
Democrats complained the bill was gutted when Republicans dropped a requirement that people who collect information from Congress, and sell it to investment firms, register like lobbyists. These people also would have to file public reports on their activities. The provision was in the Senate's version of the bill that passed last week, 96-3.
Nonetheless, Democrats will join majority Republicans in voting for the bill on Thursday. They will demand a House-Senate conference to restore the Senate provision.
Congress hopes to use the bill to lift its sagging public approval ratings.