Stop Trading on Congressional Knowledge Act

Bill: 109-hr-5015
Sponsor: Rep. Baird, Brian [D-WA-3]
Introduced: 2006-03-28 in the House
Policy area: Congress
Subjects: Congressional employees
Congressional ethics
Congressional officers
Congressional publicity
Congressional reporting requirements
Data banks
Directories
Finance and Financial Sector
Futures trading
Government Operations and Politics
Government paperwork
Information disclosure (Securities law)
Insider trading in securities
Investment advisers
Legislation
Members of Congress
Misconduct in office
Science, Technology, Communications

Summary:
action_date: 2006-03-28
text: 
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.


Legislative actions:
action_date: 2006-03-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-03-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-03-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-03-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-03-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-03-28
text: Introduced in House
action_date: 2006-03-28
text: Introduced in House