House to Take Up Congressional Trading

The House will take up legislation early next year to explicitly ban members of Congress from trading stocks based on information they gather on Capitol Hill, according Majority Leader Eric Cantor of Virginia.

An effort to ban insider-trading in Congress was sidetracked a few weeks ago when the House Financial Services Committee called off a scheduled vote. Mr. Cantor said at the time that the legislation was flawed and that the House should have more time to study the issue.

But in an interview with CBS’s “60 Minutes” that is scheduled to air Sunday evening, Mr. Cantor said he wants to revive the issue in the first few months of next year. He also said he wants to expand the legislation so it applies to more than congressional stock trading.

Mr. Cantor said he wants to “address the situation and take care of it once and for all.”

Stock trading by lawmakers and congressional aides has received new scrutiny since a previous episode of “60 Minutes” raised questions about the financial activity of several members of Congress. The Wall Street Journal has also published several stories on the topic.

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