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A weakened version of the STOCK Act banning insider trading by members of Congress and the administration passed the House Thursday without curbs on "political intelligence" or new clean-government rules.
The legislation would make it clear that lawmakers and key staffers are bound by the insider trading laws that affect everyone. The House bill also adds a provision to bar lawmakers from participating in IPOs. The bill passed 417 to 2.
But the House bill cut a provision that was in the Senate version requiring people who collect and trade so-called political intelligence -- information from government that can move markets and stock prices -- to register just like lobbyists if they want to talk with covered officials in Congress and the executive branch so that the public knows who they are and what they're doing.
It also cut a provision that cracks down on officials guilty of taking actions on the job to benefit themselves.