Mark Amodei on Government Reform

Ban stock trading based on Congressional insider knowledge.

Congressional Summary:Stop Trading on Congressional Knowledge Act (STOCK Act): Amends the Securities Exchange Act and the Commodity Exchange Act to prohibit purchase or sale of either securities or commodities by a person in possession of material nonpublic information regarding pending or prospective legislative action.

• Amends the Ethics in Government Act to require formal disclosure of certain securities and commodities futures transactions.
• Amends the Lobbying Disclosure Act to subject to its registration, reporting, and disclosure requirements all political intelligence activities, contacts, firms, and consultants.

Bill explanation (ProCon.org, "Insider Trading by Congress", Feb. 3, 2012):

• On Mar. 17, 2011, Tim Walz (D-MN) introduced the STOCK Act where it gained nine co-sponsors by Nov. 4, 2011.
• On Nov. 13, 2011, the TV show "60 Minutes" reported that several members of Congress allegedly used insider information for personal gain. The STOCK Act received 84 additional House co-sponsors in the five days following the report, and Scott Brown (R-MA) filed the STOCK Act in the Senate on Nov. 15, 2011. Kirsten Gillibrand (D-NY) also filed a variation of the STOCK Act in the Senate on Nov. 17, 2011.
• On Jan. 24, 2012, in his State of the Union Address, President Obama said "Send me a bill that bans insider trading by members of Congress, and I will sign it tomorrow."
• Immediately after the speech, Senate Majority Leader Harry Reid (D-NV) told reporters, "I think people should have enough sense not to do it [insider trading] without legislation, but I will support legislation."
• On Feb. 2, 2012, a revised version of the STOCK Act passed in the Senate by a vote of 96-3 with Senators Richard Burr (R-NC), Tom Coburn (R-OK), and Jeff Bingaman (D-NM) dissenting.

No recess appointments without Congressional approval.

Congressional Summary: Resolution Disapproving of the President's appointment of four officers during a period when no recess of the Congress for a period of more than three days and expressing that those appointments were made in violation of the Constitution.

Text of Resolution:

• Whereas the Constitution states, 'Neither House, during the Session of Congress, shall, without the Consent of the other, adjourn for more than three days';
• Whereas, on January 4, 2012, President Barack Obama appointed Richard Cordray to be the Director of the Bureau of Consumer Financial Protection and appointed Sharon Block, Terence Flynn, and Richard Griffin to the National Labor Relations Board; and
• Whereas these appointments broke the long-established precedent of Congress being in recess for more than three days before the President can make a recess appointment:
• Now, therefore, be it Resolved, That the House of Representatives disapproves of the President's appointment of four officers when no recess of the Congress for a period of more than three days was authorized.

OnTheIssues Notes:Pres. Obama attempted to appoint Elizabeth Warren to the Consumer Financial Protection Bureau in May 2011; House Republicans disapproved of Ms. Warren. House Speaker John Boehner disallowed the Senate's adjournment resolution, which meant the Senate was legally not adjourned and Pres. Obama could not make a "recess appointment" which would otherwise be allowed. This Resolution brings the issue to the fore again, for another set of Obama appointments for which House Republicans disapprove.

No holiday on election day; no same-day registration.

• This bill expands voter registration and voting access, makes Election Day a federal holiday, and limits removing voters from voter rolls.
• The bill provides for states to establish independent, nonpartisan redistricting commissions.
• The bill also sets forth provisions for sharing intelligence information with state election officials, and supporting states in securing their election systems, and establishing the National Commission to Protect U.S. Democratic Institutions.
• This bill addresses campaign spending, by expanding the ban on foreign nationals contributing to or spending on elections; and expanding disclosure rules.
• This bill establishes an alternative campaign funding system [with] federal matching of small contributions for qualified candidates.
• The bill also requires candidates for President and Vice President to submit 10 years of tax returns.

  Opposing argument from the Heritage Foundation, 2/1/2019: HR1 federalizes and micromanages the election process administered by the states, imposing unnecessary mandates on the states and reversing the decentralization of the American election process. What HR1 Would Do:

  • Seize the authority of states to regulate the voting process by forcing states to implement early voting, automatic voter registration, same-day registration, online voter registration, and no-fault absentee balloting.
  • Make it easier to commit fraud at the polls through same-day registration, as election officials have no time to verify the accuracy of voter registration.
  • Degrade the accuracy of registration lists by automatically registering individuals from state databases, such as DMV.
  • Cripple the effectiveness of state voter ID laws by allowing individuals to vote without an ID and merely signing a statement in which they claim they are who they say they are.

  Legislative outcome: Passed House 234-193-5 on 3/8/19; received with no action in Senate thru 12/31/2019

  Source: Supreme Court case 19-S949 argued on Jan 3, 2019

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  Page last updated: Jun 04, 2020