Insider Trading and Congress
Four Elements of the Misappropriation Theory
Congressional Ethics Rules and the Public's Trust
A Brief History of the STOCK Acts
Sen. Lieberman's Version of the STOCK Act
Amends the Congressional Accountability Act of 1995 to expressly prohibit the use of nonpublic information by Members of Congress or their staff for "personal benefit"; Requires the House and Senate ethics committees to issue rules to implement the ban; States that a duty arising from a relationship of trust and confidence is owed by each Member of Congress and each employee of Congress to Congress, the U.S. government, and its citizens; Clarifies that Members of Congress and employees of Congress are not exempt from the prohibitions arising under Section 10(b) of the Exchange Act and Rule 10b-5; Grants the SEC rulemaking authority to ensure that Members of Congress and their staff adhere to insider trading prohibitions; States that nothing in the bill shall be construed to be in derogation of existing obligations or existing laws; Requires all trades of $1,000 or more by Members of Congress and employees be reported within 30 days and made available electronically in the same manner as mandatory financial disclosure forms; Requires the Comptroller General to submit a report on the role of political intelligence firms in the financial markets; and Provides a general prohibition on insider trading for all federal employees.
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