Stop Trading on Congressional Knowledge Act

Bill: 110-hr-2341
Sponsor: Rep. Baird, Brian [D-WA-3]
Introduced: 2007-05-16 in the House
Policy area: Congress
Subjects: Administrative procedure
Armed Forces and National Security
Confidential communications
Congressional employees
Congressional ethics
Congressional officers
Congressional publicity
Congressional reporting requirements
Data banks
Directories
Federal employees
Finance and Financial Sector
Futures trading
Government Operations and Politics
Government paperwork
House rules and procedure
Independent regulatory commissions
Information disclosure (Securities law)
Insider trading in securities
Investment advisers
Law
Legislation
Members of Congress
Misconduct in office
Official secrets
Science, Technology, Communications
Securities and Exchange Commission

Summary:
action_date: 2007-05-16
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 Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities or commodities for future delivery 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; and (3) other federal employees.
 
Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit designated House personnel from disclosing material nonpublic information relating to any pending or prospective legislative action relating to either securities of a publicly-traded company or a commodity if such personnel has reason to believe that the information will be used to buy or sell the securities or commodity 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 political intelligence activities, contacts, firms, and consultants.


Legislative actions:
action_date: 2007-06-26
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.
action_date: 2007-06-25
text: Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
action_date: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, 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: 2007-05-16
text: Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, the Judiciary, Agriculture, and Standards of Official Conduct, 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: 2007-05-16
text: Introduced in House
action_date: 2007-05-16
text: Introduced in House