Senator Gillibrand’s plan starts by passing the bipartisan STOCK Act... [and] requiring that members of Congress report stock and other major financial transactions within 30 days, and make that information available online.
Pass the bipartisan STOCK Act to ban insider trading in Congress and require timely online disclosure of members' stock and major financial transactions.
Occurrences
Evidence
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Gillibrand’s Senate office said the Senate passed the STOCK Act 96 to 3 on February 2, 2012, describing it as legislation to make insider trading in Congress illegal and noting Gillibrand was a leading advocate.
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The enrolled STOCK Act text states it prohibits Members of Congress and employees of Congress from using nonpublic information for personal benefit, affirms they are not exempt from insider-trading prohibitions, and requires public online filing of financial disclosure forms.
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The Senate roll call list records vote 14 on S. 2038 as 'Passed' with a 96-3 result on February 2, 2012, and describes the measure as the STOCK Act.
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Public Law 112–105 (STOCK Act), enacted April 4, 2012, makes it unlawful for Members of Congress and congressional employees to use nonpublic information derived from their positions for personal benefit and includes provisions requiring certain financial disclosure information be made available electronically.
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OGE confirms the STOCK Act became public law on April 4, 2012 and explains the Act's purpose: prohibiting Members/employees from using nonpublic official information for personal benefit and improving transparency through electronic disclosure requirements.
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Current U.S. Code text for 15 U.S.C. § 78u-1 states that, for insider-trading prohibitions, each Member or employee of Congress owes a duty of trust and confidence regarding material nonpublic information learned through official responsibilities. The notes identify Pub. L. 112-105, §4(b)(1), enacted April 4, 2012, as affirming that duty for Members and congressional employees.
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The Senate Ethics Committee says the STOCK Act requires the Senate to maintain eFD for Financial Disclosure Reports, requires PTRs for Members, and requires online public availability for Member and candidate reports filed since calendar year 2012 at efdsearch.senate.gov.
Assessments
The STOCK Act became Public Law 112-105 on April 4, 2012 while Gillibrand was serving as U.S. Senator from New York in the same federal office context. The enacted law addressed the promised substance by applying insider-trading duties/prohibitions to Members and congressional employees and requiring electronic/public availability of covered financial disclosures, including periodic transaction reporting. Gillibrand also had direct candidate credit as a leading Senate advocate around final Senate passage, so this qualifies as full delivery rather than partial credit.
The Stop Trading on Congressional Knowledge (STOCK) Act (Pub. L. 112-105) was signed into law April 4, 2012 and explicitly extended insider-trading prohibitions to Members and congressional employees and required certain financial disclosure forms be made publicly available online. The Senate passed S.2038 by a 96-3 vote on Feb 2, 2012, and Gillibrand was a leading advocate for the measure per her Senate office release. These facts show the promised ban on insider trading by Congress and the online disclosure requirement were enacted while she was in office.
The STOCK Act was enacted on April 4, 2012 while Gillibrand was serving as U.S. Senator from New York in the same federal office context as the 2012 Senate campaign. The enacted bill covered the promised substance: applying insider-trading prohibitions to Members and congressional employees and requiring timely public online financial transaction disclosures. Evidence also credits Gillibrand as a leading advocate for Senate passage, so the promise is fully delivered with candidate contribution.