Stop Trading on Congressional Knowledge Act

To prohibit securities and commodities trading based on nonpublic information relating to Congress, and to require additional reporting by Members and employees of Congress of securities transaction, and for other purposes.

5/16/2007--Introduced.
Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodities Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities or commodities for future delivery by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained:
(1) knowingly from a Member or employee of Congress;
(2) by reason of being a Member or employee of Congress; and
(3) other federal employees. Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit designated House personnel from disclosing material nonpublic information relating to any pending or prospective legislative action relating to either securities of a publicly-traded company or a commodity if such personnel has reason to believe that the information will be used to buy or sell the securities or commodity based on such information. Amends the Ethics in Government Act of 1978 to require formal disclosure of certain securities and commodities futures transactions to either the Clerk of the House of Representatives or the Secretary of the Senate. Amends the Lobbying Disclosure Act of 1995 to subject to its registration, reporting, and disclosure requirements political intelligence activities, contacts, firms, and consultants.


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Sponsor

• Rep. Brian Baird [D, WA-3]
• and 7 Co-Sponsors
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. Dan Boren [D, OK-2]
  • Rep. André Carson [D, IN-7]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Christopher Shays [R, CT-4]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Louise Slaughter [D, NY-28]
  close

Committees

• House Financial Services
• 6 more
  • House Judiciary
  • House Agriculture
  • House Standards of Official Conduct
  • House Administration
  • House Agriculture
  • House Judiciary
  close

Amendments

This bill has no amendments.

Amendments to H.R.2341

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
May 16, 2007

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All Bill Actions

• Jun 26, 2007: Referred to the Subcommittee on General Farm Commodities and Risk Management.
• Jun 25, 2007: Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
• May 16, 2007: Referred to House Standards of Official Conduct
• May 16, 2007: Referred to House Agriculture
• May 16, 2007: Referred to House Judiciary
• May 16, 2007: Referred to House House Administration
• May 16, 2007: Referred to House Financial Services
• May 16, 2007: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on May 16, 2007.

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Related Issue Areas:

• Congress
• Administrative procedure
• Confidential communications
• Congressional employees
• 26 more
• Congressional ethics
• Congressional officers
• Congressional publicity
• Congressional reporting requirements
• Data banks
• Directories
• Executive departments
• Federal employees
• Finance
• Futures trading
• Government employees
• Government information
• Government paperwork
• House rules and procedure
• Independent regulatory commissions
• Information disclosure (Securities law)
• Insider trading in securities
• Intelligence activities
• Investment advisers
• Law
• Legislation
• Members of Congress
• Misconduct in office
• Official secrets
• Securities and Exchange Commission
• Technology

Data from the Congressional Research Service

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Blog Coverage

July 29, 2008 Insider Trading

HR 2341 GovTrack.us; ^ Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" p. 591-597; ^ cato.org; ^ Japanlaw.info; ^ Objectives and Principles of Securities Regulation, IOSCO, May 2003 ...

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Source: thebankaccounts.com weblog

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July 06, 2008 Malta Lotteries And Gaming Authority: the non-regulating regulator

... and general anti-manipulation precepts, the CFTC will want to consider to what extent such prohibitions might be expanded to act as insider trading restrictions similar in form to those of 7 USC § 13(f) or the proposed HR 2341. ...

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Source: zakat2

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July 05, 2008 My response to the CFTC on event contracts

... the CFTC will want to consider to what extent such prohibitions might be expanded to act as insider trading restrictions similar in form to those of 7 USC § 13(f) or the proposed HR 2341.5 Especially given the all-or-nothing nature ...

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Source: Risk Markets And Politics

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