STOCK Act heads for House vote
As the STOCK Act, a bill to stop insider trading by members of Congress, heads to the House of Representatives after passing a Senate vote, the House Democratic leader has become a specific target of the legislation.
There are jobs bills and a payroll tax extension mired in Washington gridlock, but the STOCK Act is sailing through Congress with overwhelming bipartisan support, with a House vote expected Thursday.
The legislation became popular after a "60 Minutes" story in November shined a light on alleged insider trading by U.S. lawmakers, and now Democratic leader Nancy Pelosi is becoming the focus of House Republicans as they seek to put their stamp on the bill.
The Senate version of the STOCK Act passed 96 to 3. Now, House Republicans are hurrying to finish their own version in time for a Thursday vote.
"It is unacceptable for anybody in this body to profit personally from non-public information," said House Majority Leader Eric Cantor.
The bill's sudden popularity is amusing to New York Democratic congresswoman Louise Slaughter, who first introduced the STOCK Act six years ago - and never got much support.
She says, without a doubt, that it was the "60 Minutes" report that prompted the newfound interest. (Scroll down to see the "60 Minutes" report)
"I've never seen anything like it," she tells CBS News. "The day after, on the street, people were asking about it."
House Republicans say their bill will be even stronger than the Senate bill, which explicitly bans members of Congress and their staffers from trading on non-public information they glean through their work on Capitol Hill.
It also requires lawmakers to disclose any trade worth more than $1,000 and revokes a lawmaker's pension if they're convicted of a felony.
But here's where the bipartisanship ends: On Tuesday House Republicans announced they were adding a clause they call the "Pelosi Provision," which would restrict lawmakers and their staffs from unfair access to initial public offerings (IPOs).
The provision is a dig at House Minority Leader Nancy Pelosi. Her husband's participation in an IPO for Visa was highlighted in the "60 Minutes" story.
She denied any conflict of interest.
"I will hold my record of fighting the credit card companies as Speaker, or as a member, up against anyone," Pelosi told "60 Minutes" in response to the report.
Speaking Wednesday to "CBS This Morning" co-host Charlie Rose, Kroft predicted that the so-called Pelosi provision would be added to the bill, and pass. "It's a great addition to the bill," said Kroft.
Reflecting on his original report - which included a tense exchange with Pelosi as she denied any insider trading - Kroft said he believes the American people "were just outraged to find out that members of Congress weren't subject to insider trading laws, people were just angry."
Click on the video player above to see Nancy Cordes' full report, and more from Steve Kroft on the ramifications of his "60 Minutes" report.
Watch the "60 Minutes" report below:
