The Hill
provides a behind-the-scenes look at how House Majority Leader Eric
Cantor (R-VA) successfully navigated the STOCK Act, the bill that would
apply insider trading laws to members of Congress, through the House
with bipartisan support.
“Cantor…wanted to study, expand and build
support for an insider-trading bill that would garner support from a
large majority of House GOP legislators. In doing so, the majority
leader read Throw Them All Out, the book by Peter Schweizer that served
as the basis for the ’60 Minutes’ report… As the House deliberated,
the Democrat-led Senate pounced. Senate Majority Leader Harry Reid
(D-Nev.) bypassed committee action and quickly passed the chamber’s
version of the STOCK Act. “
“Cantor, who is not shy in mixing it
up with Democrats, refrained from responding to the attacks and worked
to win over skeptical House Republicans. From late December until its
passage in February, Cantor met with scores of members, talked with the
counsels on six of the committees with jurisdiction and briefed the
conservative Republican Study Committee (RSC) and the entire House GOP
conference… In an unanticipated twist as the measure neared
consideration on the House floor, Cantor praised Walz and Slaughter in a
press release. He also called Walz for help to pass the insider-trading
bill.”
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