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)

All Bill Titles

  • 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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/17/11
 
 
 
 
 
 
 

Sponsor

Representative

Timothy Walz

D-MN

View Co-Sponsors (286)

OpenCongress Summary

Amends the Security and Exchange Act to make it illegal for any person to buy or sell stocks, securities, derivatives or other financial instruments while in possession of nonpublic information related to “pending or prospective” legislative matters if the information was obtained “knowingly from a Member or employee of Congress” or “by reason of being a Member or employee of Congress.” It would also amend the House Ethics manual to say that House employees shall not disclose nonpublic information if they have “reason to believe” that the information will be used to inform financial transaction decisions.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security

Official Summary

Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap 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, or
(3) from other federal employees and derived from their federal employment. Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit any Member, officer, or employee of the House from disclosing material nonpublic information relating to any pending or prospective legislative action relating to any publicly-traded company or to any commodity if such person has reason to believe that the information will be used to buy or sell the securities of that publicly traded company or that commodity for future delivery based on such information. Directs both the Committee on Agriculture and the Committee on Financial Services of the House of Representatives to hold hearings on the implementation by the CFTC and the SEC of such financial transaction prohibitions. 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, as well as requirements for identification of clients and covered legislative and executive officials, all political intelligence activities, contacts, firms, and consultants. Requires the Comptroller General to include political intelligence activities, contacts, firms, and consultants in its annual compliance audits and reports.

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Organizations Supporting H.R.1148

  • Citizens for Responsibility and Ethics in Washington
  • Public Interest Research Group
  • Democracy 21
  • Public Citizen
  • Common Cause
  • Sunlight Foundation
  • ...and 3 more. See all.

Organizations Opposing H.R.1148

  • None via MapLight at this time.


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