By Russell Berman - 12/01/11 05:40 PM EST
House Minority Leader Nancy Pelosi (D-Calif.) said Thursday she would support legislation that specifically includes members of Congress in a ban on insider stock trading.
The legislation, known as the Stock Act, has gained steam in Congress since a “60 Minutes” report last month raised questions about trading practices by lawmakers and noted that in contrast to Wall Street investors, they are not legally barred from using information they glean from their work on Capitol Hill to influence their own stock trades.
“I do think that this will have a momentum and, yes, I would like to see it come to the floor,” she said.
“I would hope that it’s not as necessary as the whoop-dee-doo over it makes it seem,” Pelosi added. “But I do think we all disclose what we do, and that’s really important and that everything we do is a matter of record, is in the public domain, so it’s not so insider.”
The House version of the Stock Act has gained more than 100 co-sponsors since the “60 Minutes” report. Hearings have already been scheduled.
“I’m sure they’ll come up with something that removes all doubt that this is something that is acceptable within the Congress, and when they do, to me it seems like it would fly through Congress,” Pelosi said.