Kathy Castor poised to support watered down bill on insider-trading rules in Congress

Congress hasn't done much since returning to Washington after the holidays (and oh yeah, they're taking another whole week later this month to observe Presidents' Day), but they did spring into action after CBS's 60 Minutes reported last November that some lawmakers (Nancy Pelosi and John Boehner) were enriching themselves based on nonpublic information they learned through their work in Congress.

The bill won approval in the Senate on a 96-3 vote, and President Obama has said he will sign the bill into law.

The House bill is expected to pass with just as solid a majority, even though some Democrats are apparently miffed about the new iteration of the bill that Eric Cantor will bring forth.

The Wall Street Journal reports that Cantor cut from the bill a provision that would require people who mine Washington for market-moving information to disclose their activities in the same way that lobbyists do. Wall Street is apparently pleased with the change.

The House votes on the bill a day after a new Gallup poll shows the American public's disapproval of Congress has reached a new low, with just 10 percent saying they approve of Congress' work. That's worse than the previous low of 11 percent taken in December.

  • Eric Cantor

The House of Representatives is poised to approve legislation on Thursday that would tighten insider-trading rules in Congress, despite changes made by Virginia Representative Eric Cantor to a key part of the bill.

The legislation would also require public officials to disclose their stock transactions within weeks, rather than once a year, as is currently the case.

Tampa area Democrat Kathy Castor issued a press release announcing her support for the bill. "“It is time for real reform in Washington. Members of Congress should not be able to trade stocks based on nonpublic information gleaned on Capitol Hill. I urge the House of Representatives to pass this bill tomorrow. This is a chance for Republicans and Democrats to come together and say that we are not above the law."

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