H.R.3565 - Reconnecting Congress with America Act of 2011

To reduce the salaries of Members of Congress if a Federal budget deficit exists, prohibit commodities and securities trading based on non-public information relating to Congress, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To reduce the salaries of Members of Congress if a Federal budget deficit exists, prohibit commodities and securities trading based on non-public information relating to Congress, and for other purposes. as introduced.
  • Short: Reconnecting Congress with America Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/06/11
 
 
 
 
 
 
 

Official Summary

Reconnecting Congress with America Act of 2011 - Adjusts the annual rate of pay for Members of Congress for pay periods occurring in a calendar year if, for the most recent fiscal year ending before that calendar year, the federal deficit attained specified levels. Sets a Member's annu

Official Summary

Reconnecting Congress with America Act of 2011 - Adjusts the annual rate of pay for Members of Congress for pay periods occurring in a calendar year if, for the most recent fiscal year ending before that calendar year, the federal deficit attained specified levels. Sets a Member's annual pay rate at:
(1) 80% of the applicable base rate if the federal deficit was equal to or greater than 3% of the gross domestic product (GDP),
(2) 90% of the applicable rate if the federal deficit was less than 3% of GDP, and
(3) 100% of the applicable rate if there was no federal deficit. Amends the Legislative Reorganization Act of 1946 to eliminate any statutory pay adjustments for Members of Congress. Increases by 4.9% the contributions payable by a Member of Congress under the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS). Establishes the federal contributions payable under CSRS and FERS for a Member equal to the percentage that would otherwise apply minus such 4.9% increase. Amends the Commodity Exchange Act and the Securities Exchange Act of 1934 to direct both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) 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 congressional employee,
(2) by reason of being a Member or congressional employee, or
(3) from other federal employees and derived from their federal employment. 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. Expresses the sense of Congress that any law enacted by Congress should apply to Members of Congress in the same manner and to the same extent as the law applies to other individuals.

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