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Sen. Tom Coburn (Okla.), who was one of two Republicans to oppose the insider trading measure in the Senate Homeland Security and Governmental Affairs Committee’s markup of the bill, hopes to offer at least three amendments.
Coburn would seek a ban on earmarks, offer an amendment requiring that legislation be put online for 72 hours before votes and propose a requirement that all legislation be reviewed by the Congressional Research Service to determine whether it is duplicative.
According to his office, Coburn believes the bill is a purely political exercise.
“The legislation does nothing to address Congress’ real insider trading scandal, which is when politicians trade the next generation’s opportunities for their political convenience today,” a Coburn aide said.
Another amendment is expected from Sen. Sherrod Brown (D-Ohio), who wants to reduce the requirement that staffers report transactions within 30 days to 10 days.
The amendment “would enhance enforcement of Congressional insider trading rules by requiring disclosure of trades within 10 days, as is required of large shareholders and institutional investment managers,” a Brown aide said.
A Senate Republican aide also said there is a question as to what extent the bill applies to the administration, something that also could be addressed through the amendment process.
In a statement after the vote, House Majority Leader Eric Cantor said he supports the bill if it’s amended to include the executive branch.
“Insider trading by members of Congress is unacceptable, and the public needs to know that the same rules apply to elected officials as everyone else,” the Virginia Republican said.
This article updates the print version to include a statement from House Majority Leader Eric Cantor.