SENATE BILL: NO INSIDER TRADING ACT (Passed)

[Southern Senator North Carolina Yankee]

NO INSIDER TRADING ACT

To improve ethical standards for Members of Congress

Be it enacted by the Congress of the Republic of Atlasia assembled

SECTION I: TITLE.
This law shall be referred to as the No Insider Trading Act.

SECTION II: DEFINITIONS.

(a) The term "covered investment" refers to an investment in a security, commodity, a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative. This term shall not refer to:
 (i) A widely held investment fund if the fund is publicly traded; or the assets of the fund are widely diversified; and the reporting individual neither excercises control over nor has the ability to exercise control over the financial interests held by the fund.
 (ii) An Atlasian Treasury bill, note or bond.
(b) The term "covered person" refers to:
 (i) A sitting Member of Congress.
 (ii) An individual employed as an officer or employee of Congress required to file a report under the Ethics in Government Act of 1978.

SECTION III: PROHIBITIONS.

(a) Except as provided in Section IV, no covered person may:
 (i) Purchase or sell any covered investment.
 (ii) Serve as an officer or member of any board of any for-profit association, corporation or other entity.
 
SECTION IV: EXCEPTIONS.

(a) A covered person may hold any covered investment held before the date on which the covered person took office.
 (i) A covered person may not buy or sell any investment described in this subsection except if:
 (A) The investment is placed in a qualified blind trust as described in Section V.
 (B) They have divested themselves of any investment under paragraph (ii).
 (ii) A covered person may sell a covered investment during the 6-month period beginning on:
 (A) The date on which the covered person takes office or begins employment.
 (B) The date of enactment of this act.

SECTION V: TRUSTS.

(a) A covered person may place their securities holdings in a qualified blind trust persuant to section 102(f) of the Ethics in Government Act of 1978.
(b) A blind trust permitted under this subsection shall meet the criteria in section 102(f)(4)(B) of the Ethics in Government Act of 1978.

SECTION VI: ENFORCEMENT.

(a) Whoever knowingly fails to comply with this Act shall be subject to a civil penalty of not less than 10% of the value of the covered investment that was purchased or sold in violation of this Act, as applicable.

SECTION VII: IMPLEMENTATION.

(a) This act shall take effect immediately upon passage.

House of Representatives
Passed the House of Representatives 5-0-2-2

Sponsor:
Senate Designation: SB24:16

[Southern Senator North Carolina Yankee]

I motion to assume sponsorship, Senators have 24 hours to object.

[YE]

All I have to say is Richard Burr is a POS.

[The world will shine with light in our nightmare]

Didn't Atlasia retroactively adopt the law that Burr and Loeffler violated post-reset?  In any case, I endorse this bill.

[Southern Senator North Carolina Yankee]

Didn't Atlasia retroactively adopt the law that Burr and Loeffler violated post-reset?  In any case, I endorse this bill.

Are there any differences between the two and should we extending from that pursue a tougher set of rules then that of real life?

[Former President tack50]

So Congresspeople are not allowed to invest?

brb, secretly selling my derivatives

[Devout Centrist]

Perhaps the penalties could be more stringent, but regardless this is a good piece of a legislation.

[Southern Senator North Carolina Yankee]

So Congresspeople are not allowed to invest?

brb, secretly selling my derivatives

Time to contact DoJ.

[Southern Senator North Carolina Yankee]

Perhaps the penalties could be more stringent, but regardless this is a good piece of a legislation.

On a scale of Leavenworth to public firing squad, how stringent would you prefer?

[Devout Centrist]

Perhaps the penalties could be more stringent, but regardless this is a good piece of a legislation.

On a scale of Leavenworth to public firing squad, how stringent would you prefer?

Nothing too punitive, just a criminal penalty of some sort for egregious incidents. I'd be willing to vote for the bill as it stands, however.

[Southern Senator North Carolina Yankee]

Perhaps the penalties could be more stringent, but regardless this is a good piece of a legislation.

On a scale of Leavenworth to public firing squad, how stringent would you prefer?

Nothing too punitive, just a criminal penalty of some sort for egregious incidents. I'd be willing to vote for the bill as it stands, however.

My firing squad idea....

Criminal penalty could include a wide range, I need something concrete here at least to bring my head to something reasonable.

Otherwise its READY...AIM....

[Former President tack50]

Perhaps the penalties could be more stringent, but regardless this is a good piece of a legislation.

On a scale of Leavenworth to public firing squad, how stringent would you prefer?

Nothing too punitive, just a criminal penalty of some sort for egregious incidents. I'd be willing to vote for the bill as it stands, however.

My firing squad idea....

Criminal penalty could include a wide range, I need something concrete here at least to bring my head to something reasonable.

Otherwise its READY...AIM....

I will let it be known that while I oppose the death penalty, the only good method for applying it should be by guillotine.

[YE]

Fr guys don't create more work for Sestak and make him send this to the House.

[Devout Centrist]

Eh, it's fine as is. I motion for a final vote.

[Southern Senator North Carolina Yankee]

Eh, it's fine as is. I motion for a final vote.

Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

Fr guys don't create more work for Sestak and make him send this to the House.

What's a little extra work for stiffer penalties for corrupt politicians?

[Southern Senator North Carolina Yankee]

A Final Vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Southern Senator North Carolina Yankee]

AYE

[Devout Centrist]

Aye

[At-Large Senator LouisvilleThunder]

Aye

[Former President tack50]

Aye

[YE]

Aye

[Esteemed Jimmy]

Aye

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the NO INSIDER TRADING ACT:

Aye (6): Devout Centrist, Jimmy, LT, NC Yankee, Tack50 and YE
Nay (0):
Abstain (0):

Didn't Vote (0):

This bill has passed the Senate and is sent to the VP for executive action.

[Southern Senator North Carolina Yankee]

NO INSIDER TRADING ACT

To improve ethical standards for Members of Congress

Be it enacted by the Congress of the Republic of Atlasia assembled

SECTION I: TITLE.
This law shall be referred to as the No Insider Trading Act.

SECTION II: DEFINITIONS.

(a) The term "covered investment" refers to an investment in a security, commodity, a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative. This term shall not refer to:
 (i) A widely held investment fund if the fund is publicly traded; or the assets of the fund are widely diversified; and the reporting individual neither excercises control over nor has the ability to exercise control over the financial interests held by the fund.
 (ii) An Atlasian Treasury bill, note or bond.
(b) The term "covered person" refers to:
 (i) A sitting Member of Congress.
 (ii) An individual employed as an officer or employee of Congress required to file a report under the Ethics in Government Act of 1978.

SECTION III: PROHIBITIONS.

(a) Except as provided in Section IV, no covered person may:
 (i) Purchase or sell any covered investment.
 (ii) Serve as an officer or member of any board of any for-profit association, corporation or other entity.
 
SECTION IV: EXCEPTIONS.

(a) A covered person may hold any covered investment held before the date on which the covered person took office.
 (i) A covered person may not buy or sell any investment described in this subsection except if:
 (A) The investment is placed in a qualified blind trust as described in Section V.
 (B) They have divested themselves of any investment under paragraph (ii).
 (ii) A covered person may sell a covered investment during the 6-month period beginning on:
 (A) The date on which the covered person takes office or begins employment.
 (B) The date of enactment of this act.

SECTION V: TRUSTS.

(a) A covered person may place their securities holdings in a qualified blind trust persuant to section 102(f) of the Ethics in Government Act of 1978.
(b) A blind trust permitted under this subsection shall meet the criteria in section 102(f)(4)(B) of the Ethics in Government Act of 1978.

SECTION VI: ENFORCEMENT.

(a) Whoever knowingly fails to comply with this Act shall be subject to a civil penalty of not less than 10% of the value of the covered investment that was purchased or sold in violation of this Act, as applicable.

SECTION VII: IMPLEMENTATION.

(a) This act shall take effect immediately upon passage.

House of Representatives
Passed the House of Representatives 5-0-2-2


People's Regional Senate
Passed 6-0 in the Atlasian Senate Assembled,