[Congressional Record Volume 158, Number 46 (Tuesday, March 20, 2012)]
[Senate]
[Pages S1839-S1840]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STOP TRADING ON CONGRESSIONAL KNOWLEDGE ACT OF 2012
Mr. REID. 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 PRESIDING OFFICER. 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
9, 2012.)
Mr. REID. Mr. President, I move to concur in the House amendment to
S. 2038.
I ask for the yeas and nays on that motion.
The PRESIDING OFFICER. Is there a sufficient second?
There is a sufficient second.
The yeas and nays were ordered.
Cloture Motion
Mr. REID. I have a cloture motion at the desk.
The PRESIDING OFFICER. The cloture motion having been presented under
rule XXII, the Chair directs the clerk to read the motion.
The bill clerk read as follows:
Cloture Motion
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
Motion to Concur with Amendment No. 1940
Mr. REID. Mr. President, I move to concur in the House amendment to
S. 2038, with an amendment.
The PRESIDING OFFICER. The clerk will report.
The bill clerk read as follows:
The Senator from Nevada [Mr. Reid] moves to concur in the
House amendment to S. 2038 with an amendment numbered 1940.
The amendment is as follows:
At the end, add the following new section:
SEC. __.
This Act shall become effective 5 days after enactment.
Mr. REID. Mr. President, I ask for the yeas and nays on my motion.
The PRESIDING OFFICER. Is there a sufficient second?
There is a sufficient second.
The yeas and nays were ordered.
Amendment No. 1941 to Amendment No. 1940
Mr. REID. Mr. President, I have a second-degree amendment at the
desk.
The PRESIDING OFFICER. 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''.
Motion to Refer with Amendment No. 1942
Mr. REID. 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 PRESIDING OFFICER. 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:
SEC. __.
This Act shall become effective 3 days after enactment.
Mr. REID. Mr. President, I ask for the yeas and nays.
[[Page S1840]]
The PRESIDING OFFICER. Is there a sufficient second?
There is a sufficient second.
The yeas and nays were ordered.
Amendment No. 1943
Mr. REID. Mr. President, I have an amendment to my instructions which
has also been filed at the desk.
The PRESIDING OFFICER. 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''.
Mr. REID. Mr. President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There is a sufficient second.
The yeas and nays were ordered.
Amendment No. 1944 to Amendment No. 1943
Mr. REID. Mr. President, I have a second-degree amendment to my
instructions which is also at the desk.
The PRESIDING OFFICER. 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''.
Mr. REID. 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.
The PRESIDING OFFICER. Without objection, it is so ordered.
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