Transparency in Government Officials Trading Act

Hozzl · 2022-12-30T03:49:01Z

Explore the details of House Bill 6486 Transparency in Government Officials Trading Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Government Operations and Politics. Stay informed on legislative developments.

12/30/2022, 3:49 AM

Summary of Bill HR 6486

Bill 117 HR 6486, also known as the Transparency in Government Officials Trading Act, aims to increase transparency and accountability among government officials when it comes to their trading activities. The bill requires all members of Congress and high-ranking government officials to report their stock trades within 45 days of making them. This information will be made publicly available on a centralized website for easy access by the public.

Additionally, the bill prohibits government officials from trading stocks based on nonpublic information that they have access to due to their position. This is to prevent insider trading and ensure that all trading activities are conducted ethically and in compliance with the law.

The Transparency in Government Officials Trading Act also establishes penalties for those who violate the reporting requirements or engage in insider trading. These penalties include fines, suspension from office, and potential criminal charges. Overall, this bill seeks to promote transparency, integrity, and accountability among government officials when it comes to their trading activities. By requiring timely reporting and prohibiting insider trading, the bill aims to restore public trust in the government and ensure that officials are acting in the best interest of the public.

Congressional Summary of HR 6486

Transparency in Government Officials Trading Act

This bill advances the deadline for certain public employees and officials who must file a report of a securities transaction from 30 days after receiving notification of the transaction to within 24 hours after conducting the transaction. The bill requires that these reports be filed electronically. The bill also sets a penalty for failing to file a timely report—a fee in the amount of the transaction for which a report was not timely filed.

Under existing law, the securities transaction reporting requirement applies to the President, Vice President, Members of Congress, and certain executive and legislative branch officers and employees.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 6486

Bill HR 6486 is currently in the status of Bill Introduced since January 25, 2022. Bill HR 6486 was introduced during Congress 117 and was introduced to the House on January 25, 2022. Bill HR 6486's most recent activity was Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties. as of November 1, 2022