House advances line-item rescissions bill, STOCK Act

The House on Wednesday afternoon approved a rule that will allow the House to take up legislation later today that would give the president the authority to recommend budget rescissions, after which Congress could approve those recommendations on an expedited basis.

The rule also provides for consideration anytime through Thursday of legislation emphasizing that members of Congress cannot make personal stock trades based on inside information they obtain on the job. Under the rule, this bill would come up under a suspension of House rules, meaning a two-thirds majority vote is needed and no amendments would be considered.

Members approved the rule in a 238-175 vote.

During debate on the rule, Democrats criticized Republicans for watering down the so-called STOCK Act so that it would not apply to political intelligence consultants.

While Democrats appear likely to continue protesting the GOP's handing of the bill, Rep. Rob Woodall (R-Ga.) argued just before the rule vote that Democrats appear to be overstating the importance of the STOCK Act, since the bill would simply reinforce the current fact that members of Congress are subject to a prohibition on insider trading.

"The STOCK Act has been characterized … as to prevent insider trading by members of Congress, as if members of Congress are allowed to participate in insider trading today, and they are not," said Woodall.

"Insider trading was against the law yesterday, it was against the law a week ago, it was against the law a year ago, and it will still be against the law tomorrow," he said, adding that it's a disservice for some members to imply to their constituents that Congress is filled with "thieves and scoundrels."

Last week, Sen. Tom Coburn (R-Okla.) made a similar point, that consideration of the bill is just a political stunt that barely changes current law.

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