Registered: Jul 2007
07-20-12 08:07 PM
House majority leader, Republican Eric Cantor's office wrote the House version, this language was shifted to a different section of the bill. The change meant that spouses and dependent children weren't subject to the new reporting requirements.
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.
But CNN uncovered that the law that members of Congress thought they voted for earlier this year isn't exactly as advertised. A loophole could still allow family members of some lawmakers to profit from inside information.
The STOCK Act requires that any trades of $1,000 or more made on or after July 3 have to be reported to the House and Senate within 45 days. But the House and Senate have two completely different interpretations of that rule