‘‘(A) is routinely exempt from disclosure 
under section 552 of title 5, United States 
Code, or otherwise protected from disclosure by 
statute, Executive order, or regulation; 
‘‘(B) is designated as confidential by an 
agency; or 
‘‘(C) has not actually been disseminated to 
the general public and is not authorized to be 
made available to the public on request.’’. 
(2) SECURITIES TRANSACTIONS.—Section 10 of 
the Securities Exchange Act of 1934 (15 U.S.C. 
78j) is amended by adding at the end the following: 
‘‘(d) NONPUBLIC INFORMATION RELATING TO CON-
GRESS.—Not later than 270 days after the date of enact-
ment of this subsection, the Commission shall by rule pro-
hibit any person from buying or selling the securities or 
security based swaps of any issuer while such person is 
in possession of material nonpublic information, as defined 
by the Commission, relating to any pending or prospective 
legislative action relating to such issuer if— 
‘‘(1) such information was obtained by reason 
of such person being a Member or employee of Con-
gress; or 
VerDate Mar 15 2010 
02:32 Dec 07, 2011
Jkt 019200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H3565.IH
H3565
smartinez on DSK6TPTVN1PROD with BILLS
‘‘(2) such information was obtained from a 
Member or employee of Congress, and such person 
knows that the information was so obtained. 
‘‘(e) NONPUBLIC
INFORMATION
RELATING
TO 
OTHER FEDERAL EMPLOYEES.— 
‘‘(1) RULEMAKING.—Not later than 270 days 
after the date of enactment of this subsection, the 
Commission shall by rule prohibit any person from 
buying or selling the securities or security based 
swaps of any issuer while such person is in posses-
sion of material nonpublic information derived from 
Federal employment and relating to such issuer if— 
‘‘(A) such information was obtained by 
reason of such person being an employee of an 
agency, as such term is defined in section 
551(1) of title 5, United States Code; or 
‘‘(B) such information was obtained from 
such an employee, and such person knows that 
the information was so obtained. 
‘‘(2) MATERIAL
NONPUBLIC
INFORMATION.— 
For purposes of this subsection, the term ‘material 
nonpublic information’ means any information that 
an employee of an agency (as such term is defined 
in section 551(1) of title 5, United States Code) 
gains by reason of Federal employment and that 
VerDate Mar 15 2010 
02:32 Dec 07, 2011
Jkt 019200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H3565.IH
H3565
smartinez on DSK6TPTVN1PROD with BILLS
such employee knows or should know has not been 
made available to the general public, including infor-
mation that— 
‘‘(A) is routinely exempt from disclosure 
under section 552 of title 5, United States 
Code, or otherwise protected from disclosure by 
statute, Executive order, or regulation; 
‘‘(B) is designated as confidential by an 
agency; or 
‘‘(C) has not actually been disseminated to 
the general public and is not authorized to be 
made available to the public on request.’’. 
(b) COMMITTEE HEARINGS ON IMPLEMENTATION.— 
(1) IN
GENERAL.—The Committee on Agri-
culture of the House of Representatives shall hold a 
hearing on the implementation by the Commodity 
Futures Trading Commission of subsections (h) and 
(i) of section 4c of the Commodity Exchange Act (as 
added by subsection (a)), and the Committee on Fi-
nancial Services of the House of Representatives 
shall hold a hearing on the implementation by the 
Securities Exchange Commission of subsections (d) 
and (e) of section 10 of the Securities Exchange Act 
of 1934 (as added by subsection (a)). 
VerDate Mar 15 2010 
02:32 Dec 07, 2011
Jkt 019200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H3565.IH
H3565
smartinez on DSK6TPTVN1PROD with BILLS
(2) EXERCISE OF RULEMAKING AUTHORITY.— 
Paragraph (1) is enacted— 
(A) as an exercise of the rulemaking power 
of the House of Representatives and, as such, 
shall be considered as part of the rules of the 
House, and such rules shall supersede any other 
rule of the House only to the extent that rule 
is inconsistent therewith; and 
(B) with full recognition of the constitu-
tional right of the House to change such rules 
(so far as relating to the procedure in the 
House) at any time, in the same manner, and 
to the same extent as in the case of any other 
rule of the House. 
SEC. 5. SENSE OF CONGRESS REGARDING APPLICATION OF 
LAWS TO MEMBERS. 
It is 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. 
Æ 
VerDate Mar 15 2010 
02:32 Dec 07, 2011
Jkt 019200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6301
E:\BILLS\H3565.IH
H3565
smartinez on DSK6TPTVN1PROD with BILLS