It's crazy to think that Congress even allows insider trading, but hey, that's life in the 1%. Apparently Cantor has an ax to grind with Senator Bachus who was publicly embarrassed on the recent 60 Minutes episode so now Cantor is making life difficult for Bachus. When the tables are turned, I can't wait to see someone apply an equal amount of love to Cantor and you know that day will happen. CNBC:
The Republican sponsor of the bill in the House, Financial Services Chairman Spencer Bachus of Alabama, had scheduled a markup of the Stop Trading on Congressional Knowledge (STOCK) Act for next week. But on Wednesday, Majority Leader Eric Cantor of Virginia cancelled the markup session.
Cantor reportedly said he blocked the bill to give Congress more time to examine the issue. Critics of the move, however, fear that any delay could kill the bill entirely.
Some version of the the STOCK Act has been bouncing around Capitol Hill for six years. But recent attention to the issue of Congressional insider trading, following reports from CNBC's Eamon Javers and a "60 Minutes" report, brought the bill out of stasis and made its passage into law seem likely. If the latest delay pushes the bill into next year, it may become lost in election-year politics.