Dems blast GOP plans to advance amended STOCK Act

By Pete Kasperowicz - 02/08/12 02:27 PM ET

Wednesday debate in the House over legislation to reform the congressional budget process quickly turned into a Democratic protest over GOP plans to water down a bill aimed at preventing people with inside information about Congress from profiting from that information on Wall Street.

The House began debate on the rule for H.R. 3521, the Expedited Legislative Line-Item Veto and Rescissions Act, shortly after noon. This bill allows the president to recommend budget rescissions that Congress can approve on an expedited basis.

But the rule for the bill also allows the House to take up a GOP version of the Stop Trading on Congressional Knowledge, or STOCK, Act, any time through Thursday. Because many Democrats are expected to support the line-item veto bill, Democrats turned their attention to the STOCK Act.

Democratic anger was prompted by House Republicans, who released a version of the STOCK Act on Tuesday that would strip Senate-approved language that would require political intelligence consultants to register as lobbyists. Democrats rejected the GOP plan to rewrite the bill without the help of Reps. Tim Walz (D-Minn.) and Louise Slaughter (D-N.Y.), who have sponsored the bill for years.

"Now it's being rewritten behind closed doors, and without the input of Mr. Walz or Ms. Slaughter," Rep. Jared Polis (D-Colo.) said. "We don't know what this so-called STOCK Act will contain."

Slaughter also spoke against the process Republicans have used to advance the STOCK Act.

"When writing their own version of the STOCK Act, Majority Leader Cantor and House Republican leadership did not consult with the bipartisan coalition that has championed this bill," she said. "And over the week neither I nor Mr. Walz were asked to contribute to the final product, nor was our leader consulted in any way.

"Despite championing the bill for six years, I was left completely out."

Democrats also complained that Republicans were bringing up the STOCK Act under a suspension of House rules, which will not only shorten debate on the bill, but will also prevent any amendments to it.