Stop Trading on Congressional Knowledge Act

Bill: 111-hr-682
Sponsor: Rep. Baird, Brian [D-WA-3]
Introduced: 2009-01-26 in the House
Policy area: Congress
Subjects: Administrative law and regulatory procedures
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
House of Representatives
Legislative rules and procedure
Members of Congress
Public participation and lobbying
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2009-01-26
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, 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.


Legislative actions:
action_date: 2009-06-12
text: Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
action_date: 2009-04-23
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.
action_date: 2009-01-26
text: Referred to House Standards of Official Conduct
action_date: 2009-01-26
text: Referred to House Agriculture
action_date: 2009-01-26
text: Referred to House Judiciary
action_date: 2009-01-26
text: Referred to House Administration
action_date: 2009-01-26
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: 2009-01-26
text: Referred to House Financial Services
action_date: 2009-01-26
text: Introduced in House
action_date: 2009-01-26
text: Introduced in House