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STOCK Act Senate Version

STOCK Act Senate Version

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Published by DealBook
STOCK Act Senate Version
STOCK Act Senate Version

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

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02/13/2012

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112
TH
CONGRESS2
D
S
ESSION
 
S. 2038
AN ACT
To prohibit Members of Congress and employees of Congressfrom using nonpublic information derived from their offi-cial positions for personal benefit, and for other pur-poses.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
 
2
S 2038 ES
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 ‘‘Mem-
6
 ber of Congress’’ means a member of the Senate or
7
House of Representatives, a Delegate to the House
8
of Representatives, and the Resident Commissioner
9
from Puerto Rico.
10
(2) E
MPLOYEE OF CONGRESS
.—The term ‘‘em-
11
ployee of Congress’’ means—
12
(A) an employee of the Senate; or
13
(B) an employee of the House of Rep-
14
resentatives.
15
(3) E
 XECUTIVE BRANCH EMPLOYEE
.—The
16
term ‘‘executive branch employee’’—
17
(A) has the meaning given the term ‘‘em-
18
ployee’’ under section 2105 of title 5, United
19
States Code; and
20
(B) includes—
21
(i) the President;
22
(ii) the Vice President; and
23
(iii) an employee of the United States
24
Postal Service or the Postal Regulatory 
25
Commission.
26
 
3
S 2038 ES
(4) J
UDICIAL OFFICER
.—The term ‘‘judicial of-
1
ficer’’ has the meaning given that term under sec-
2
tion 109(10) of the Ethics in Government Act of 
3
1978.
4
SEC. 3. PROHIBITION OF THE USE OF NONPUBLIC INFOR-
5
MATION FOR PRIVATE PROFIT.
6
The Select Committee on Ethics of the Senate and
7
the Committee on Standards of Official Conduct of the
8
House of Representatives shall issue interpretive guidance
9
of the relevant rules of each chamber, including rules on
10
conflicts of interest and gifts, clarifying that a Member
11
of Congress and an employee of Congress may not use
12
nonpublic information derived from such person’s position
13
as a Member of Congress or employee of Congress or
14
gained from the performance of such person’s official re-
15
sponsibilities as a means for making a private profit.
16
SEC. 4. PROHIBITION OF INSIDER TRADING.
17
(a) A 
FFIRMATION OF
N
ON
-
EXEMPTION
.—Members of 
18
Congress and employees of Congress are not exempt from
19
the insider trading prohibitions arising under the securi-
20
ties laws, including section 10(b) of the Securities Ex-
21
change Act of 1934 and Rule 10b–5 thereunder.
22
(b) D
UTY
.—
23
(1) P
URPOSE
.—The purpose of the amendment
24
made by this subsection is to affirm a duty arising
25

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