Stop Trading on Congressional Knowledge Act
Latest action · Jun 12, 2009 Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 26, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Jan 26, 2009 to Nov 15, 2010; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Louise McIntosh Slaughter | Original | Jan 26, 2009 |
| D-MN | Timothy J. Walz | Original | Jan 26, 2009 |
| D-AZ | Raúl M. Grijalva | Mar 19, 2009 | |
| D-OH | Dennis J. Kucinich | Jul 10, 2009 | |
| D-CA | Mike Thompson | Jul 16, 2009 | |
| D-NH | Paul W. Hodes | Jul 17, 2009 | |
| D-IN | Brad Ellsworth | Dec 1, 2009 | |
| D-CA | Jackie Speier | Jul 26, 2010 | |
| D-MA | Niki Tsongas | Jul 26, 2010 | |
| D-NY | Carolyn B. Maloney | Nov 15, 2010 |
Committees 5
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jan 26, 2009 |
| House | Committee on House Administration | Referred Jan 26, 2009 |
| House | Judiciary Committee | Referred Jan 26, 2009 |
| Constitution and Limited Government Subcommittee | Referred Jun 12, 2009 | |
| House | Agriculture Committee | Referred Jan 26, 2009 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Apr 23, 2009 | |
| House | Ethics Committee | Referred Jan 26, 2009 |
Actions 9
Everything that happened, newest first.
- Jun 12, 2009Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
- Apr 23, 2009Referred to the Subcommittee on General Farm Commodities and Risk Management.
- Jan 26, 2009Introduced in House
- Jan 26, 2009Referred to House Financial Services
- Jan 26, 2009Referred 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.
- Jan 26, 2009Referred to House Administration
- Jan 26, 2009Referred to House Judiciary
- Jan 26, 2009Referred to House Agriculture
- Jan 26, 2009Referred to House Standards of Official Conduct
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-56 | PREVENTING UNFAIR TRADING BY GOVERNMENT OFFICIALS89 pages | Financial Services Committee | Jul 13, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To prohibit securities and commodities trading based on nonpublic information relating to Congress, and to require additional reporting by Members and employees of Congress of securities transaction, and for other purposes.
- Short Titles as Introduced
- Stop Trading on Congressional Knowledge Act
Subjects
Assigned by the Library of Congress. Policy area: Congress.
- Administrative law and regulatory procedures
- Congress
- 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)
Text 1
Each version as it was printed, newest first.
- Jan 26, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
