The court said prosecutors must present proof that defendants accepted bribes or kickbacks to win convictions in honest services cases. The 28-word fraud law makes it a crime "to deprive another of the intangible right of honest services."
Cantor said the Leahy-Cornyn provision raises "broad constitutional questions, as the courts have pointed out on similar provisions."
Rep. Louise Slaughter, D-N.Y., who has been trying for six years to get an insider trading bill passed, had a different interpretation of the removal of the registration and disclosure requirements for those who sell useful investment information learned from Congress.
"The Republican leadership couldn't stomach the pressure," she said, explaining that segments of the investment industry lobbied Republicans hard to get the language removed.
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