S 1871 · 112th Congress · Government Operations and Politics

Stop Trading on Congressional Knowledge Act

Introduced 2011-11-15· Sponsored by Sen. Brown, Scott P. [R-MA]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Committee on Homeland Security and Governmental Affairs. Hearings held. Hearings printed: S.Hrg. 112-344.(2011-12-01)

Plain Language Summary

[AI summary unavailable — showing source 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. 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, report…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (8)

8 Republicans