I 
115TH CONGRESS 
1ST SESSION H. R. 2277 
To amend the Securities Exchange Act of 1934 to prohibit Members of 
Congress from receiving a discounted price in certain private offerings 
of securities. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 1, 2017 
Ms. SLAUGHTER introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to prohibit 
Members of Congress from receiving a discounted price 
in certain private offerings of securities. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘End Congressional 
Stock Market Abuse Act of 2017’’. 
SEC. 2. PARTICIPATION IN SECURITIES TRANSACTIONS BY 
PUBLIC OFFICIALS. 
Section 21A of the Securities Exchange Act of 1934 
(15 U.S.C. 78u–1) is amended— 
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(1) in subsection (i), by striking ‘‘(within the 
meaning given such term in section 12(f)(1)(G)(i))’’ 
and inserting ‘‘on a United States or foreign securi-
ties exchange’’; and 
(2) by adding at the end the following: 
‘‘(j) PARTICIPATION IN SECURITIES TRANSACTIONS 
BY MEMBERS OF CONGRESS.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘covered security’— 
‘‘(i) means any security that is regu-
larly traded on a United States or foreign 
securities exchange; and 
‘‘(ii) includes any comparable eco-
nomic interest acquired through synthetic 
means such as the use of a derivative or 
short selling any publicly traded security; 
‘‘(B) the term ‘price’— 
‘‘(i) means— 
‘‘(I) in the case of a purchase, 
the national best offer, as defined in 
section 242.600(c) of title 17, Code of 
Federal Regulations; 
‘‘(II) in the case of a sale, the 
national best bid, as defined in section 
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242.600(c) of title 17, Code of Fed-
eral Regulations; or 
‘‘(III) any other value, as deter-
mined by the Commission; and 
‘‘(ii) does not include any commission 
or fee paid to a broker or third party; and 
‘‘(C) the term ‘United States or foreign se-
curities exchange’ means— 
‘‘(i) a national exchange described in 
section 6; and 
‘‘(ii) a designated offshore securities 
market, as defined in section 230.92 of 
title 17, Code of Federal Regulations. 
‘‘(2) PROHIBITION.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), a Member of Congress may 
not— 
‘‘(i) purchase a covered security for 
less than the price available on a United 
States or foreign exchange; 
‘‘(ii) sell a covered security for more 
than the price available on a United States 
or foreign exchange; or 
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‘‘(iii) purchase a private placement of-
fering of a covered security available on a 
United States or foreign exchange. 
‘‘(B) 
EXCEPTION.—Subparagraph 
(A) 
shall not apply if a Member of Congress reason-
ably believes that— 
‘‘(i) in the case of a purchase of a 
covered security, the discount was obtained 
in a manner generally available to the pub-
lic; or 
‘‘(ii) in the case of a sale of a covered 
security, the premium was obtained in a 
manner generally available to the public.’’. 
Æ 
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