H.R.1148 - STOCK bill ("STOCK Act")

To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes. view all titles (4)

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  • Popular: STOCK bill ("STOCK Act") as .
  • Official: To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes. as introduced.
  • Short: Stop Trading on Congressional Knowledge Act as introduced.
  • Popular: STOCK bill ("STOCK Act").

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Comments Feed

Sumflow 02/06/2012 2:30am

Under this new bill S.2038, Congress gets some information and they go out and make the trade. Then they go looking for reasons why they might have made the trade before they learned what they just herd. They have a month, then they can delay that will late filing. Congress has another 30 days to put it on the web site. That is a long time before the SEC is aware of the trade. Staff can be promoted, fired or sent away during this cover-up time making it impossible to make a case against the congress person.

The more effective mechanism would require pre-approval or pre-clearance of each trade like the SEC requires for any SEC staff member who buys or sells a security. Disclosing a month after they make the trade gives congress time and an opportunity to build a record around it, to cover up why they made the trade. They will say it was not based on any insider knowledge.

See: Jacob Frenkel, former SEC attorney http://www.cnbc.com/id/46252444

notpace 01/30/2012 4:03pm
in reply to jwon412 Jan 26, 2012 9:41am

This website does a pretty good job of breaking down the history and context of the STOCK Act. Basically, it’s not specifically illegal for congresspeople to trade using insider knowledge, but it is discouraged by the House of Representatives Ethics Manual.

jwon412 01/26/2012 9:41am

Pardon my ignorance, I’m late to the party here, but, isn’t trading on non public information ALREADY illegal? Why is additional legislation even necessary?

Spam Comment

Sumflow 12/22/2011 6:12am

Central to this new law as proposed by the Senate is a “duty arising from a relationship of trust and confidence” that would be owed by members of Congress to the people, and traders need to disclose nearer to real time,” so that the memories of potential witnesses are fresh, and they do not have time to cover up their actions.

All the House bill does is make it easier to continue what they are doing now.

JoeUtley 12/14/2011 2:54am
in reply to CurtisNeeley Dec 06, 2011 10:14pm

What do your private legal battles have to do with this bill? They have nothing to do with anything that is being discussed here. How absurd.

This bill is one of the most important things to come before congress. If the major incentive to run for congress is to reap major financial gain then what kind of people will we attract to congress? If we eliminate congress’ ability to ABUSE their jobs we might actually attract people who will DO their jobs.

CurtisNeeley 12/06/2011 10:14pm

Why not make it illegal to trade stock that was or will be affected while you are elected to congress or while you are a lobbyist?
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soitgoes12 11/15/2011 9:18pm

Why hasn’t this bill been brought to the floor yet? Got more important things, Boehner?

tome22 05/25/2011 8:18am

There is definitly a conflict of interest,and going one step further Congress should not be allowed to hold any stock securities while in office.That includes their wives & children. Although I would consider staff members to be exempt since they are not an elected official.


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