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Stop Trading On Congressional Knowledge Act Of 2012

Sen. Harry Reid

legislator photo

Mr. President, as the Senate is aware, there are differences between the Senate and the House work product on the STOCK Act. This legislation limits insider trading by Members of Congress. It certainly would have been my preference to work out these differences between the two Houses through a conference committee. I know that is the preference of the Republican leader. That is the usual practice.

But we have been advised there would be objection to going to conference by consent. I have tried it and tried it and we cannot break through that. That means it would take filing and adopting three separate cloture motions over the course of weeks to get to conference; that is, if we can be successful on the first two. So we need to address this issue more quickly because otherwise we do not address it at all, and we need to address it.

As a consequence, I am going to file cloture in the motion to concur with the House bill on the STOCK Act. It is my hope we can resolve this matter expeditiously, and I hope we can thereby make clear Congress's intent to prohibit insider trading by Members of Congress.

I now ask the Chair to lay before the Senate a message from the House with respect to S. 2038.

The Chair lays before the Senate the following message from the House, which the clerk will report.

The bill clerk read as follows:

Resolved, that the bill from the Senate (S. 2038) entitled ``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,'' do pass with an amendment.

(The amendment is printed in the Proceedings of the House on February

Sen. Harry Reid

legislator photo

Mr. President, I move to concur in the House amendment to

I ask for the yeas and nays on that motion.

Is there a sufficient second?

There is a sufficient second.

The yeas and nays were ordered.

Sen. Harry Reid

legislator photo

I have a cloture motion at the desk.

The cloture motion having been presented under rule XXII, the Chair directs the clerk to read the motion.

The bill clerk read as follows:

We, the undersigned Senators, in accordance with the provisions of rule XXII of the Standing Rules of the Senate, hereby move to bring to a close debate on the Reid motion to concur in the House amendment to S. 2038, the Stop Trading on Congressional Knowledge Act. Harry Reid, Jeff Bingaman, Daniel K. Inouye, Joseph I. Lieberman, Tim Johnson, Daniel K. Akaka, Richard J. Durbin, Charles E. Schumer, John Barrasso, Scott P. Brown, Mitch McConnell, Jon Kyl, Richard C. Shelby, Rob Portman, John Cornyn, John Hoeven, Marco Rubio, Lisa Murkowski, Jeff Sessions, Mike Johanns, Tom Coburn, Susan M. Collins

Sen. Harry Reid

legislator photo

Mr. President, I move to concur in the House amendment to S. 2038, with an amendment.

The clerk will report.

The bill clerk read as follows:

The Senator from Nevada [Mr. Reid] moves to concur in the

The amendment is as follows:

At the end, add the following new section:

This Act shall become effective 5 days after enactment.

Sen. Harry Reid

legislator photo

Mr. President, I ask for the yeas and nays on my motion.

Is there a sufficient second?

There is a sufficient second.

The yeas and nays were ordered.

Sen. Harry Reid

legislator photo

Mr. President, I have a second-degree amendment at the desk.

The clerk will report the amendment.

The bill clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment numbered 1941 to amendment No. 1940.

The amendment is as follows:

In the amendment, strike ``5 days'' and insert ``4 days''.

Sen. Harry Reid

legislator photo

Mr. President, I have a motion to refer the House message to the Committee on Homeland Security and Governmental Affairs with instructions to report back forthwith with an amendment.

The clerk will report.

The bill clerk read as follows:

The Senator from Nevada [Mr. Reid] moves to refer the House message on S. 2038 to the Committee on Homeland Security and Governmental Affairs with an amendment numbered 1942.

The amendment is as follows:

At the end, add the following new section:

This Act shall become effective 3 days after enactment.

Sen. Harry Reid

legislator photo

Mr. President, I ask for the yeas and nays.

Is there a sufficient second?

There is a sufficient second.

The yeas and nays were ordered.

Sen. Harry Reid

legislator photo

Mr. President, I have an amendment to my instructions which has also been filed at the desk.

The clerk will report.

The bill clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment numbered 1943 to the instructions of the motion to refer the House message on S. 2038.

The amendment is as follows:

In the amendment, strike ``3 days'' and insert ``2 days''.

Sen. Harry Reid

legislator photo

Mr. President, I ask for the yeas and nays.

Is there a sufficient second?

There is a sufficient second.

The yeas and nays were ordered.

Sen. Harry Reid

legislator photo

Mr. President, I have a second-degree amendment to my instructions which is also at the desk.

The clerk will report.

The bill clerk read as follows:

The Senator from Nevada [Mr. Reid] proposes an amendment numbered 1944 to amendment No. 1943.

The amendment is as follows:

In the amendment, strike ``2 days'' and insert ``1 day''.

Sen. Harry Reid

legislator photo

Mr. President, I ask unanimous consent that the mandatory quorum under rule XXII be waived with respect to the cloture motion I have just filed.

Without objection, it is so ordered.