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STOCK Act House Version

STOCK Act House Version

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Published by DealBook
STOCK Act House Version
STOCK Act House Version

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Categories:Business/Law
Published by: DealBook on Feb 13, 2012
Copyright:Attribution Non-commercial

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02/13/2012

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 In the House of Representatives, U. S.,
 February 9, 2012. Resolved,
That the bill from the Senate (S. 2038) enti-tled ‘‘An Act to prohibit Members of Congress and employeesof Congress from using nonpublic information derived fromtheir official positions for personal benefit, and for other pur-poses.’’, do pass with the following 
AMENDMENT:
Strike out all after the enacting clause and insert:
SECTION 1. SHORT TITLE.
1
This Act may be cited as the ‘‘Stop Trading on Con-
2
 gressional Knowledge Act of 2012’’ or the ‘‘STOCK Act’’.
3
SEC. 2. DEFINITIONS.
4
 In this Act:
5
(1) M 
 EMBER OF CONGRESS
.—The term ‘‘Member
6
of Congress’’ means a member of the Senate or House
7
of Representatives, a Delegate to the House of Rep-
8
resentatives, and the Resident Commissioner from
9
 Puerto Rico.
10
(2) E
 MPLOYEE OF CONGRESS
.—The term ‘‘em-
11
 ployee of Congress’’ means—
12
(A) any individual (other than a Member of 
13
Congress), whose compensation is disbursed by
14
 
2
S 2038 EAH
the Secretary of the Senate or the Chief Adminis-
1
trative Officer of the House of Representatives;
2
and
3
(B) any other officer or employee of the leg-
4
islative branch (as defined in section 109(11) of 
5
the Ethics in Government Act of 1978 (5 U.S.C.
6
 App. 109(11))).
7
(3) E
 XECUTIVE BRANCH EMPLOYEE
.—The term
8
‘‘executive branch employee’’—
9
(A) has the meaning given the term ‘‘em-
10
 ployee’’ under section 2105 of title 5, United
11
States Code; and
12
(B) includes—
13
(i) the President;
14
(ii) the Vice President; and
15
(iii) an employee of the United States
16
 Postal Service or the Postal Regulatory
17
Commission.
18
(4) J 
UDICIAL OFFICER
.—The term ‘‘judicial offi-
19
cer’’ has the meaning given that term under section
20
109(10) of the Ethics in Government Act of 1978
21
(U.S.C. App. 109(10)) .
22
(5) J 
UDICIAL EMPLOYEE
.—The term ‘‘judicial
23
employee’’ has the meaning given that term in section
24
 
3
S 2038 EAH
109(8) of the Ethics in Government Act of 1978 (5
1
U.S.C. App. 109(8)).
2
(6) S
UPERVISING ETHICS OFFICE
.—The term
3
‘‘supervising ethics office’’ has the meaning given that
4
term in section 109(18) of the Ethics in Government
5
 Act of 1978 (5 U.S.C. App. 109(18)).
6
SEC. 3. PROHIBITION OF THE USE OF NONPUBLIC INFOR-
7
 MATION FOR PRIVATE PROFIT.
8
The Select Committee on Ethics of the Senate and the
9
Committee on Ethics of the House of Representatives shall
10
issue interpretive guidance of the relevant rules of each
11
chamber, including rules on conflicts of interest and gifts,
12
clarifying that a Member of Congress and an employee of 
13
Congress may not use nonpublic information derived from
14
 such person’s position as a Member of Congress or employee
15
of Congress or gained from the performance of such person’s
16
official responsibilities as a means for making a private
17
 profit.
18
SEC. 4. PROHIBITION OF INSIDER TRADING.
19
(a) A
 FFIRMATION OF 
 N 
ONEXEMPTION 
.—Members of 
20
Congress and employees of Congress are not exempt from
21
the insider trading prohibitions arising under the securities
22
laws, including section 10(b) of the Securities Exchange Act
23
of 1934 and Rule 10b–5 thereunder.
24
(b) D
UTY 
.—
25

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