Stop Trading on Congressional Knowledge Act

Bill: 112-hr-1148
Sponsor: Rep. Walz, Timothy J. [D-MN-1]
Introduced: 2011-03-17 in the House
Policy area: Government Operations and Politics
Subjects: Administrative law and regulatory procedures
Commodities markets
Commodity Futures Trading Commission
Congressional officers and employees
Congressional oversight
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
House of Representatives
Legislative rules and procedure
Licensing and registrations
Members of Congress
Public participation and lobbying
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2011-03-29
text: 
Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity 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, security-based swaps, or commodities for future delivery or swap 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, or (3) from other federal employees and derived from their federal employment.
 
Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit any Member, officer, or employee of the House from disclosing material nonpublic information relating to any pending or prospective legislative action relating to any publicly-traded company or to any commodity if such person has reason to believe that the information will be used to buy or sell the securities of that publicly traded company or that commodity for future delivery based on such information.
 
Directs both the Committee on Agriculture and the Committee on Financial Services of the House of Representatives to hold hearings on the implementation by the CFTC and the SEC of such financial transaction prohibitions.
 
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: 2012-02-01
text: Motion to Discharge Committee filed by Mr. Walz (MN). Petition No: 112-3. (<a href="http://clerk.house.gov/112/lrc/pd/petitions/DisPet0003.xml">Discharge petition</a> text with signatures.)
action_date: 2011-12-06
text: Committee Hearings Held.
action_date: 2011-06-01
text: Referred to the Subcommittee on the Constitution.
action_date: 2011-03-29
text: Rereferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, Ethics, and Rules, 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: 2011-03-29
text: Rereferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, Ethics, and Rules, 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: 2011-03-29
text: Rereferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, Ethics, and Rules, 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: 2011-03-29
text: Rereferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, Ethics, and Rules, 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: 2011-03-29
text: Rereferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, Ethics, and Rules, 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: 2011-03-29
text: Rereferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, Ethics, and Rules, 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: 2011-03-29
text: Committee on Ethics discharged.
action_date: 2011-03-29
text: Committee on Ethics discharged.
action_date: 2011-03-29
text: Committee on Judiciary discharged.
action_date: 2011-03-29
text: Committee on Judiciary discharged.
action_date: 2011-03-29
text: Committee on House Administration discharged.
action_date: 2011-03-29
text: Committee on House Administration discharged.
action_date: 2011-03-29
text: Committee on Agriculture discharged.
action_date: 2011-03-29
text: Committee on Agriculture discharged.
action_date: 2011-03-29
text: Committee on Financial Services discharged.
action_date: 2011-03-29
text: Committee on Financial Services discharged.
action_date: 2011-03-29
text: RE-REFERRAL - Mr. Bachus asked unanimous consent that H.R. 1148 be re-referred primarily to the Committee on Financial Services and additionally to the Committees on Agriculture, House Administration, the Judiciary, Ethics and Rules. Agreed to without objection.
action_date: 2011-03-29
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.
action_date: 2011-03-17
text: Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, and Ethics, 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: 2011-03-17
text: Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, and Ethics, 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: 2011-03-17
text: Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, and Ethics, 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: 2011-03-17
text: Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, and Ethics, 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: 2011-03-17
text: Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, the Judiciary, and Ethics, 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: 2011-03-17
text: Introduced in House
action_date: 2011-03-17
text: Introduced in House