Analysts would no longer be required to register as lobbyists under a Senate bill passed unanimously Thursday.
The Stop Trading on Congressional Knowledge Act is intended to combat insider trading of government officials based on political intelligence.
The House had passed an earlier version of the STOCK Act that would have required the Government Accountability Office to review definitions of political intelligence.
The Senate had passed a version with the provision requiring analysts to register as lobbyists, but the newer version did not include it.
Trey Hodgkins, senior vice president of national security and federal procurement policy at TechAmerica, said congressional staff members were thinking of hedge fund analysts when drawing up the legislation, according to Federal Computer Week.
The Senate’s earlier version of the STOCK Act defined political intelligence contacts as any communication to or from certain officials that they intend to use for investment decisions, FCW reported.