Congress closes loophole in stock trading law after CNN report

[Tx4obama]

Source: CNN

(CNN) -- House Republicans have been forced to close a potential loophole on their much-touted insider trading law -- a loophole CNN uncovered and reported about last month.

Because of CNN's report, the Senate and House passed new legislation Thursday to close the loophole that could have allowed family members of some lawmakers to profit from inside information.

Senators who were critical of the loophole after it was unearthed applauded the fix.

The STOCK Act, one of the rare bipartisan bills passed this year, was signed by President Barack Obama in April.

Lawmakers proclaimed that the bill, officially called the Stop Trading on Congressional Knowledge Act, would restore trust in government. It also applied new rules to some employees of the executive branch.

Read more: http://www.cnn.com/2012/08/02/politics/stock-act-loophole/index.html

[aquart]

1. Uh huh. What's the catch

[freshwest]

2. Saves Eric Cantor's ass. This was one of the main accusations against him. The GOP noticed...

[DCKit]

9. It still doesn't make Cantor any less of a scumbag.

We're rooting for Powell.

[freshwest]

11. Question was: 'Uh huh. What's the catch.' Scumbag still needs to be shown the door!!!

I'm for Powell, as well... This is an important race.

[christx30]

13. Insider trading is illegal...

Unless you have a note from your mom or a doctor.

[sharp_stick]

3. That's got to piss off Cantor

it was his loophole. Anything that pisses off Cantor is well worth doing.

[atreides1]

5. Actually it was his wife's loophole

Doesn't she still work for a bank...just think of all the inside info she could have used to help fill her and hubby's pockets?

[quakerboy]

8. Dont you mean "continued to use"?

[99th_Monkey]

4. OMG!! The 4th Estate actually does it's f*cking JOB?!?! Amazing

[elleng]

14. Only after pointed out to them by others, I think,

like Wayne Powell.
http://www.powellforva.com/issues/

[99th_Monkey]

15. True dat. ~nt

[Snarkoleptic]

6. What get's me is his assumption this could sneak by everyone.

[stevedeshazer]

7. CNN sure has been slapping their own backs today.

"Because of CNN's report,..."

Self-congratulations, CNN!

That's what you do when your viewership ratings are tanking. They're throwing everything at the wall to see what sticks.

The Bill Bennett/Romney apologist diatribe they sent to my iPhone today has me on the verge of deleting their stinking news app.

CNN was so great back in the day. Now, they just could not possibly suck more.

No offense to you, Tx4obama. The story is good news, but CNN's claim that they are solely responsible is not journalism, it is self-promotion.

Slow clap to CNN.

[sinkingfeeling]

10. Did Rep. Cantor vote in favor of closing the loophole he wrote?

[jonthebru]

12. This was a bill to fix the original problem.

Senators and Congresspeople were legally permitted to use inside information to invest and profit while it was against the law for everyone else. I originally was informed of this by a 60 minute report a year or so ago.
This episode was an amendment sneakily inserted into the bill that "fixed" the original situation.

These people made millions on inside deals for many years... very profitable.