Date: March 23, 2012
The Senate Passes S. 2038
The Stop Trading on Congressional Knowledge Act of 2012
On March 22, 2012, the Senate passed S. 2038, the Stop Trading on Congressional Knowledge Act of 2012 or Stock Act by unanimous consent. The bill previously passed the Senate on February 2, 2012 by a vote of 96-3. It was amended in the House and passed by a vote of 417-2 on February 9, 2012. It now goes to the President for his action.
Generally, the bill requires the congressional ethics committees to issue guidance of the rules that prohibit the use by Members of Congress and congressional employees of any nonpublic information derived from their positions for purposes of making a private profit.
Following are provisions of interest to SSA.
Prompt Reporting of Financial Transactions
- Would require the President, Members of Congress, and certain other individuals to file reports on financial transactions. Included among others required to file these disclosure statements are appointed executive branch employees and members of the Senior Executive Service.
Online Public Availability of Financial Disclosure Forms of Certain Executive Branch Employees
- Would require that each executive branch agency, department, and independent agency make the financial statements of its employees required to file such statements under the preceding provision available to the public on its public websites within 30 days after such statements are filed.