Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
5Activity
0 of .
Results for:
No results containing your search query
P. 1
Senate Bill on Congressional Insider Trading

Senate Bill on Congressional Insider Trading

Ratings: (0)|Views: 14,395|Likes:
Published by DealBook
Senate bill on Congressional insider trading.
Senate bill on Congressional insider trading.

More info:

Categories:Business/Law, Finance
Published by: DealBook on Nov 22, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

11/30/2011

pdf

text

original

 
II
112
TH
CONGRESS1
ST
S
ESSION
 
S. 1871
To prohibit commodities and securities trading based on nonpublic informationrelating to Congress, to require additional reporting by Members andemployees of Congress of securities transactions, and for other purposes.
IN THE SENATE OF THE UNITED STATES
N
OVEMBER
15, 2011Mr. B
ROWN
of Massachusetts introduced the following bill; which was readtwice and referred to the Committee on Homeland Security and Govern-mental Affairs
A BILL
To prohibit commodities and securities trading based on non-public information relating to Congress, to require addi-tional reporting by Members and employees of Congressof securities transactions, and for other purposes.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Stop Trading on Con-
4
gressional Knowledge Act’’.
5
VerDate Mar 15 2010 05:29 Nov 16, 2011Jkt 019200PO 00000Frm 00001Fmt 6652Sfmt 6201E:\BILLS\S1871.ISS1871
  s  m  a  r   t   i  n  e  z  o  n   D   S   K   6   T   P   T   V   N   1   P   R   O   D  w   i   t   h   B   I   L   L   S
 
2
S 1871 IS
SEC. 2. NONPUBLIC INFORMATION RELATING TO CON-
1
GRESS AND OTHER FEDERAL EMPLOYEES.
2
(a) C
OMMODITIES
T
RANSACTIONS
.—Section 4c of the
3
Commodity Exchange Act (7 U.S.C. 6c) is amended by 
4
adding at the end the following:
5
‘‘(h) N
ONPUBLIC
I
NFORMATION
.—
6
‘‘(1) D
EFINITIONS
.—In this subsection:
7
‘‘(A) A 
GENCY
.—The term ‘agency’ has the
8
meaning given the term in section 551 of title
9
5, United States Code.
10
‘‘(B) M
 ATERIAL NONPUBLIC INFORM
-
11
TION
.—The term ‘material nonpublic informa-
12
tion’—
13
‘‘(i) has the meaning given the term
14
 by the Commission by rule;
15
‘‘(ii) includes any information that—
16
‘‘(I) a member or employee of 
17
Congress, or an employee of an agen-
18
cy, as applicable, gains by reason of 
19
that position or employment; and
20
‘‘(II) the member or employee
21
knows or should know has not been
22
made available to the general public;
23
and
24
‘‘(iii) includes information that—
25
VerDate Mar 15 2010 05:29 Nov 16, 2011Jkt 019200PO 00000Frm 00002Fmt 6652Sfmt 6201E:\BILLS\S1871.ISS1871
  s  m  a  r   t   i  n  e  z  o  n   D   S   K   6   T   P   T   V   N   1   P   R   O   D  w   i   t   h   B   I   L   L   S
 
3
S 1871 IS
‘‘(I) is routinely exempt from dis-
1
closure under section 552 of title 5,
2
United States Code, or otherwise pro-
3
tected from disclosure by law (includ-
4
ing Executive orders and regulations);
5
‘‘(II) is designated as confidential
6
 by an agency; or
7
‘‘(III) has not actually been dis-
8
seminated to the general public and is
9
not authorized to be made available to
10
the public on request.
11
‘‘(2) N
ONPUBLIC INFORMATION RELATING TO
 
12
CONGRESS
.—Not later than 270 days after the date
13
of enactment of this subsection, the Commission
14
shall by rule prohibit any person from buying or sell-
15
ing any commodity for future delivery or swap while
16
the person is in possession of material nonpublic in-
17
formation relating to any pending or prospective leg-
18
islative action relating to the commodity if—
19
‘‘(A) the information was obtained by rea-
20
son of the person being a Member or employee
21
of Congress; or
22
‘‘(B)(i) the information was obtained from
23
a Member or employee of Congress; and
24
VerDate Mar 15 2010 05:29 Nov 16, 2011Jkt 019200PO 00000Frm 00003Fmt 6652Sfmt 6201E:\BILLS\S1871.ISS1871
  s  m  a  r   t   i  n  e  z  o  n   D   S   K   6   T   P   T   V   N   1   P   R   O   D  w   i   t   h   B   I   L   L   S

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->