An Act To prohibit Members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit, and for other purposes
Nicknames
Stop Trading on Congressional Knowledge Act of 2012
Enacted by
the 112th United States Congress
Effective
April 4, 2012
Citations
Public law
112-105
Statutes at Large
126 Stat. 291
Legislative history
Introduced in the Senate as S. 2038 by Joe Lieberman (I–CT) on January 26, 2012
Committee consideration by Senate Homeland Security and Governmental Affairs
Passed the Senate on February 2, 2012 (96–3)
Passed the House on February 9, 2012 (417–2) with amendment
Senate agreed to House amendment on March 22, 2012 (unanimous consent)
Signed into law by President Barack Obama on April 4, 2012
Major amendments
Amended by S.716 on April 15, 2013[1]
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (Pub. L.Tooltip Public Law (United States) 112–105 (text) (PDF), S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including insider trading, by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.
Originally written and introduced by Washington Congressman Brian Baird, the STOCK Act gained popularity following a 60 Minutes segment on congressional insider trading in 2011, after which Republican Senator Scott Brown and Democratic Senator Kirsten Gillibrand reintroduced bills to combat the practice. In February 2012, the STOCK Act passed in the Senate by a 96–3 vote; the only no votes were senators Jeff Bingaman, Richard Burr, and Tom Coburn.[2] Later the House of Representatives passed it by a 417–2 vote.[3] The bill was supported heavily by vulnerable incumbents and signed into law by President Obama.[4] According to the current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee."[5]
^"A bill to modify the requirements under the STOCK Act regarding online access to certain financial disclosure statements and related forms". 2013-04-15. Archived from the original on 2014-10-06. Retrieved 2013-04-16.
^Wong, Scott (2 February 2012). "STOCK Act passes Senate by vote of 96-3". Politico. Retrieved 5 April 2012.
^"Final Vote Results for Roll Call 47". February 9, 2012.
^Blake, Aaron (4 April 2012). "The STOCK Act: Refuge of the most vulnerable congressmen in America". The Washington Post. Retrieved 5 April 2012.
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