S. 1903 (112th): Stop Trading on Congressional Knowledge Act

Introduced:
Nov 17, 2011 (112th Congress, 2011–2013)
Sponsor:
Sen. Kirsten Gillibrand [D-NY]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on November 17, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 17, 2011
Referred to Committee Nov 17, 2011
Cosponsors
29 cosponsors (24D, 4R, 1I) (show)
Committees

Senate Homeland Security and Governmental Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes.

Summary

No summaries available.

Text

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Last updated Nov 17, 2011.
19 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

11/17/2011--Introduced.
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.
Makes it an element of the prohibited activity, also, that the Member or employee of Congress or the federal employee acted with the intent to assist another person, directly or indirectly, to use the information to buy or sell the securities of such publicly traded company based on such information.
Amends the Standing Rules of the Senate to prohibit a Member, officer, or employee of the Senate 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 acts with intent to assist another person, directly or indirectly, to use the information to buy or sell the securities of that publicly traded company 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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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