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House GOP unveils insider trading ban bill

House Majority Leader Eric Cantor of Va., speaks during a news conference on Capitol Hill in Washington, Tuesday, Jan. 31, 2012, to discuss the Stop Trading on Congressional Knowledge Act, or STOCK Act.

AP Photo/Jacquelyn Martin House Majority Leader Eric Cantor of Va., speaks during a news conference on Capitol Hill in Washington, Tuesday, Jan. 31, 2012, to discuss the Stop Trading on Congressional Knowledge Act, or STOCK Act.

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The Associated Press Updated 11:15 AM Wednesday, February 8, 2012

WASHINGTON — House Republicans have introduced their version of a bill to ban insider trading by thousands of federal officials and prevent lawmakers convicted of a crime from collecting their government pensions.

Democrats complained that Majority Leader Eric Cantor wrote the bill without seeking the minority party's views. That lack was especially galling to Democratic Rep. Louise Slaughter, who long has been trying to get an insider trading bill passed.

The Republican bill also would prohibit federal officials from receiving special access to initial public offerings due to their positions. That provision was aimed directly at Democratic leader Nancy Pelosi, whose husband participated in a Visa IPO around the same time Congress was considering a bill on credit card fees. Pelosi has denied having any special access.

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February 08, 2012 04:36 AM EST

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