GOP to push 'Pelosi Provision' in insider-trading bill

House Republican leaders are prepping a series of amendments aimed at tweaking popular legislation curbing insider trading by members of Congress, including one that could put top House Democrats in a tough spot.

A House GOP aide confirmed to The Hill that one of the amendments set to be unveiled Tuesday evening is dubbed the "Pelosi Provision," and would restrict members of Congress from gaining special access to initial public offerings of stock.


That amendment in particular will likely ramp up the partisan nature of what had been broadly supported legislation, as the provision seems aimed directly at House Minority Leader Nancy Pelosi (D-Calif.).

Drew Hammill, a spokesman for Pelosi, would not comment on the rumored provision, saying merely, "We look forward to reviewing the text of the bill Leader [Eric] Cantor is writing in secret."

A "60 Minutes" report last year singled out Pelosi, as well as several other lawmakers, suggesting she and her husband profited from an initial public offering from Visa at the same time Congress was weighing imposing new regulations on the credit card industry.

Pelosi defended herself immediately following the report, touting her record of being tough on that industry. And a Pelosi aide defended the transaction Tuesday, saying there was no preferential treatment, and that the IPO was among the largest in history, with the Pelosis purchasing just a portion of their holdings at the initial price.

Nonetheless, that November report set off a rush of lawmakers eager to sign on to legislation blocking insider trading by members of Congress. The Stop Trading on Congressional Knowledge (STOCK) Act originally offered in the House has now climbed to 283 co-sponsors, including 99 Republicans.

Under the amendment, members would still be able to participate in IPOs made available to the general public, but would not be allowed access to other offerings that are exclusive by benefit of their status as a member of Congress or the executive branch.

The Senate passed its version of the STOCK Act last week by an overwhelming margin, 96-3. But as the legislation makes its way to the House, the fight over the bill — and the effort to take credit for it — has taken on a more partisan tinge.

The original sponsors of the legislation, Reps. Louise Slaughter (D-N.Y.) and Tim Walz (D-Minn.), complained Tuesday that House Majority Leader Eric CantorEric Ivan CantorBottom line Virginia GOP candidates for governor gear up for convention Cantor: 'Level of craziness' in Washington has increased 'on both sides' MORE (R-Va.) had hijacked their legislation and was reworking it without their input.

And while Cantor received heat from Democrats for slowing work on the bill last year, citing complex jurisdictional issues involving several committees, he has worked to be at the forefront of the legislation in 2012. Before the Senate passed its bill, Cantor called on lawmakers to strengthen the measure and expand it to apply the same restrictions and disclosures to all executive branch employees.

Another amendment set to be released tonight would do just that, the aide said.

—This post was updated at 3:33 p.m.