Washington's political intelligence class is none to happy about a provision of the STOCK Act that would force them to register under the lobbying disclosure law.
"They're all on tenterhooks," said a policy adviser to Wall Street investors. "I can't imagine anyone who does this business wants to register."
And it's that same desire to remain out of the public eye that makes it a near certainty that there won't be a full-scale lobbying effort to yank the provision from the legislation.
There is a problem, but Sen. Chuck Grassley has the wrong solution, the adviser said.
"There's no doubt in my mind that people are trading on insider information and that's because lobbyists and operatives don't know what the standard of insider trading is," he said.
Instead of forcing insiders who sell political intelligence to Wall Street to register under the lobbying disclosure laws, the adviser said, they should instead be required to file as investment advisers, which requires that they know, and follow, insider trading laws.
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