Powell campaign questions Eric Cantor’s motives in hiding “spousal” exemption in House Insider Trading bill. Cantor’s actions open the door to questions about spouse’s involvement in Cayman Island hedge fund firm.
Majority Leader Eric Cantor hid an exemption for “spouses and dependent children” in the House version of the STOCK Act, according to a CNN investigative piece. The STOCK Act, or the Stop Trading on Congressional Knowledge Act, was heralded by both parties as a way to restore trust in Congress.
The bill passed both the House and the Senate and was signed into law by President Obama on April 4. The intent of the Stock Act was supposedly to force members of Congress, their staffs, spouses, and dependent children to disclose all stock transactions within 45 days. The Senate version does not exempt “spouses and dependent children”.
Cantor’s hidden exemption came as a shock to many in Congress and elicited a strong response from the bill’s author, Senator Scott Brown (R-Mass). The Powell campaign questioned Cantor’s motives in a prominently displayed piece in today’s Huffington Post:
Cantor’s spouse, Diana, is a partner in the investment firm Alternative Investment Management, LLC, with investment assets of more than $893 million, including $134 million in a Cayman Island hedge fund.
“Mr. Cantor talks about transparency in government, but this is just another case of him fighting it. Cantor is the poster child for Congress’ dismal approval rating. He should immediately fix the STOCK Act, but he won’t.”