H.R.5015 - Stop Trading on Congressional Knowledge Act109th Congress (2005-2006)
|Sponsor:||Rep. Baird, Brian [D-WA-3] (Introduced 03/28/2006)|
|Committees:||House - Financial Services; House Administration; Judiciary; Agriculture|
|Latest Action:||03/28/2006 Referred to House Agriculture (All Actions)|
This bill has the status Introduced
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Summary: H.R.5015 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (03/28/2006)
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 a person from buying or selling securities while in possession of related material nonpublic information regarding legislative action if the information was obtained: (1) knowingly from a Member or employee of Congress; or (2) by reason of being a Member or employee of Congress.
Directs the SEC and the CFTC to prohibit any Member or employee of Congress, or any other person, from disclosing material nonpublic information regarding legislative action relating to any issuer if that Member, employee, or other person has reason to believe that the information will be used to buy or sell the securities of such issuer based on that information.
Amends the Ethics in Government Act of 1978 to require formal disclosure of certain securities transactions to 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.