S.1903 - Stop Trading on Congressional Knowledge Act112th Congress (2011-2012)
|Sponsor:||Sen. Gillibrand, Kirsten E. [D-NY] (Introduced 11/17/2011)|
|Committees:||Senate - Homeland Security and Governmental Affairs|
|Latest Action:||12/01/2011 Committee on Homeland Security and Governmental Affairs. Hearings held. Hearings printed: S.Hrg. 112-344. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Subject — Policy Area:
- Government Operations and Politics
- View subjects
Summary: S.1903 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (11/17/2011)
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. Makes it an element of the prohibited activity, also, that the Member or employee of Congress or the federal employee acted with the intent to assist another person, directly or indirectly, to use the information to buy or sell the securities of such publicly traded company based on such information.
Amends the Standing Rules of the Senate to prohibit a Member, officer, or employee of the Senate 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 acts with intent to assist another person, directly or indirectly, to use the information to buy or sell the securities of that publicly traded company 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, 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.