Stop Trading on Congressional Knowledge Act
Latest action · Feb 1, 2012 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.)
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.
- IntroducedMar 17, 2011
- 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 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.
Cosponsors 286
Members who signed on, in the order they did. Signatures ran from Mar 17, 2011 to Feb 9, 2012; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Louise McIntosh Slaughter | Original | Mar 17, 2011 |
| D-MA | Niki Tsongas | Apr 8, 2011 | |
| D-AZ | Raúl M. Grijalva | Apr 8, 2011 | |
| D-IA | David Loebsack | May 2, 2011 | |
| D-OH | Dennis J. Kucinich | Jun 14, 2011 | |
| D-OR | Earl Blumenauer | Jun 14, 2011 | |
| R-NC | Walter B. Jones | Oct 5, 2011 | |
| D-NY | Kathleen C. Hochul | Nov 4, 2011 | |
| D-TN | Steve Cohen | Nov 4, 2011 | |
| D-MN | Betty McCollum | Nov 14, 2011 | |
| D-MD | Chris Van Hollen | Nov 14, 2011 | |
| D-MI | Hansen Clarke | Nov 14, 2011 | |
| D-PA | Jason Altmire | Nov 14, 2011 | |
| D-IL | Jesse L. Jackson, Jr. | Nov 14, 2011 | |
| D-TN | Jim Cooper | Nov 14, 2011 |
Committees 6
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 Mar 17, 2011Discharged Mar 30, 2011Re-referred Mar 30, 2011Hearings Dec 6, 2011 |
| House | Agriculture Committee | Referred Mar 17, 2011Discharged Mar 30, 2011Re-referred Mar 30, 2011 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Mar 29, 2011 | |
| House | Committee on House Administration | Referred Mar 17, 2011Discharged Mar 30, 2011Re-referred Mar 30, 2011 |
| House | Judiciary Committee | Referred Mar 17, 2011Discharged Mar 30, 2011Re-referred Mar 30, 2011 |
| Constitution and Limited Government Subcommittee | Referred Jun 1, 2011 | |
| House | Ethics Committee | Referred Mar 17, 2011Discharged Mar 30, 2011Re-referred Mar 30, 2011 |
| House | Rules Committee | Re-referred Mar 30, 2011 |
Actions 13
Everything that happened, newest first.
- Feb 1, 2012Motion 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.)
- Dec 6, 2011Committee Hearings Held.
- Jun 1, 2011Referred to the Subcommittee on the Constitution.
- Mar 29, 2011Referred to the Subcommittee on General Farm Commodities and Risk Management.
- Mar 29, 2011RE-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.
In the Congressional Record 13
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E201 | Rush Holt D-NJ | Feb 15, 2012 |
| House | Debate and remarks H670Discharge petition H694 | Keith Ellison D-MN | Feb 9, 2012 |
| House | Debate and remarks H594–H599, H623–H625 | Carolyn B. Maloney D-NY, David Loebsack D-IA, Jared Polis D-CO, Louise McIntosh Slaughter D-NY, Richard B. Nugent R-FL, Rob Woodall R-GA, Sheila Jackson Lee D-TX, Suzanne Bonamici D-OR, Timothy J. Walz D-MN | Feb 8, 2012 |
| House | Debate and remarks H463Discharge petition H476 | Eric Cantor R-VA, Steny H. Hoyer D-MD | Feb 3, 2012 |
| House | Debate and remarks H381, H385, H387 | James A. Himes D-CT, Richard B. Nugent R-FL, Vern Buchanan R-FL | Feb 2, 2012 |
| House · Extensions | Debate and remarks E113, H228 | Debbie Wasserman Schultz D-FL, Lois Capps D-CA | Feb 1, 2012 |
| House | Debate and remarks H191 | Ted Poe R-TX | Jan 31, 2012 |
| House | Debate and remarks H10002 | Timothy J. Walz D-MN | Dec 20, 2011 |
| House | Debate and remarks H8298 | Eric Cantor R-VA, Steny H. Hoyer D-MD | Dec 8, 2011 |
| House | Debate and remarks H7731 | Timothy J. Walz D-MN | Nov 17, 2011 |
| House | Debate and remarks H7631 | Timothy J. Walz D-MN | Nov 16, 2011 |
| House | Debate and remarks H7590 | Timothy J. Walz D-MN | Nov 15, 2011 |
| House | Debate and remarks H2022 | Spencer Bachus R-AL | Mar 29, 2011 |
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.
Constitutional authority
The sponsor’s statement, as printed in the page H1985.
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. 112-90 | H.R. 1148, THE STOP TRADING ON CONGRESSIONAL KNOWLEDGE ACT112 pages | Financial Services Committee | Dec 6, 2011 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1871 | Stop Trading on Congressional Knowledge Act | Related bill | Dec 1, 2011 |
| S 1903 | Stop Trading on Congressional Knowledge Act | Related bill | Dec 1, 2011 |
| S 2038 | STOCK Act | Related bill | Dec 3, 2012 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Stop Trading on Congressional Knowledge Act
- Popular Titles
- STOCK bill ("STOCK Act")
Subjects
Assigned by the Library of Congress. Policy area: Government Operations and Politics.
- 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
- Government Operations and Politics
- House of Representatives
- Legislative rules and procedure
- Licensing and registrations
- Members of Congress
- Public participation and lobbying
- Securities
- Securities and Exchange Commission (SEC)
Text 1
Each version as it was printed, newest first.
- Mar 17, 2011Introduced 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.
