[House Report 116-320]
[From the U.S. Government Publishing Office]


116th Congress   }                                     {        Report
                        HOUSE OF REPRESENTATIVES
 1st Session     }                                     {       116-320

======================================================================

 
   PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 2534) TO AMEND THE 
SECURITIES EXCHANGE ACT OF 1934 TO PROHIBIT CERTAIN SECURITIES TRADING 
  AND RELATED COMMUNICATIONS BY THOSE WHO POSSESS MATERIAL, NONPUBLIC 
INFORMATION, AND RELATING TO CONSIDERATION OF THE CONCURRENT RESOLUTION 
 (H. CON. RES. 77) DIRECTING THE PRESIDENT PURSUANT TO SECTION 5(C) OF 
  THE WAR POWERS RESOLUTION TO REMOVE UNITED STATES ARMED FORCES FROM 
 HOSTILITIES IN THE SYRIAN ARAB REPUBLIC THAT HAVE NOT BEEN AUTHORIZED 
                              BY CONGRESS

                                _______
                                

  December 3, 2019.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

             Mr. Perlmutter, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 739]

    The Committee on Rules, having had under consideration 
House Resolution 739, by a record vote of 7 to 4, report the 
same to the House with the recommendation that the resolution 
be adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 2534, the 
Insider Trading Prohibition Act, under a structured rule. The 
resolution provides one hour of general debate on the bill 
equally divided and controlled by the chair and ranking 
minority member of the Committee on Financial Services. The 
resolution waives all points of order against consideration of 
the bill. The resolution provides that an amendment in the 
nature of a substitute consisting of the text of Rules 
Committee Print 116-39 shall be considered as adopted and the 
bill, as amended, shall be considered as read.
    The resolution waives all points of order against 
provisions in the bill, as amended. The resolution makes in 
order only those amendments printed in this report. Each such 
amendment may be offered only in the order printed in this 
report, may be offered only by a Member designated in this 
report, shall be considered as read, shall be debatable for the 
time specified in this report equally divided and controlled by 
the proponent and an opponent, shall not be subject to 
amendment, and shall not be subject to a demand for division of 
the question in the House or in the Committee of the Whole. The 
resolution waives all points of order against the amendments 
printed in this report. The resolution provides one motion to 
recommit with or without instructions. The resolution provides 
that a motion to discharge House Concurrent Resolution 77 shall 
be in order on December 11, 2019, if offered by Representative 
Gabbard, with 20 minutes of debate equally divided and 
controlled by Representative Gabbard and an opponent. The 
resolution provides that the provisions of section 7 of the War 
Powers Resolution (50 U.S.C. 1546) shall not apply during the 
remainder of the One Hundred Sixteenth Congress to House 
Concurrent Resolution 77.

                         EXPLANATION OF WAIVERS

    The waiver of all points of order against consideration of 
H.R. 2534 includes a waiver of clause 12(a)(1) of rule XXI, 
which prohibits consideration of a bill unless there is a 
searchable electronic comparative print that shows how the bill 
proposes to change current law.
    Although the resolution waives all points of order against 
provisions in H.R. 2534, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendments printed in this report, the Committee is not 
aware of any points of order. The waiver is prophylactic in 
nature.

                            COMMITTEE VOTES

    The results of each record vote on an amendment or motion 
to report, together with the names of those voting for and 
against, are printed below:

Rules Committee record vote No. 212

    Motion by Mr. Woodall to amend the rule to add a section 
that provides that it shall be in order for the Speaker to 
entertain motions that the House suspend the rules relating to 
the bill (H.R. 553) to amend title 10, United States Code, to 
repeal the requirement for reduction of survivor annuities 
under the Survivor Benefit Plan for military surviving spouses 
to offset the receipt of veterans dependency and indemnity 
compensation, and for other purposes. Defeated: 4-7

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Nay   Mr. Cole..........................          Yea
Mrs. Torres.....................................          Nay   Mr. Woodall.......................          Yea
Mr. Perlmutter..................................          Nay   Mr. Burgess.......................          Yea
Mr. Raskin......................................  ............  Mrs. Lesko........................          Yea
Ms. Scanlon.....................................          Nay
Mr. Morelle.....................................          Nay
Ms. Shalala.....................................          Nay
Mr. DeSaulnier..................................          Nay
Mr. McGovern, Chairman..........................  ............
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 213

    Motion by Mr. Perlmutter to report the rule. Adopted: 7-4

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Yea   Mr. Cole..........................          Nay
Mrs. Torres.....................................          Yea   Mr. Woodall.......................          Nay
Mr. Perlmutter..................................          Yea   Mr. Burgess.......................          Nay
Mr. Raskin......................................  ............  Mrs. Lesko........................          Nay
Ms. Scanlon.....................................          Yea
Mr. Morelle.....................................          Yea
Ms. Shalala.....................................          Yea
Mr. DeSaulnier..................................          Yea
Mr. McGovern, Chairman..........................  ............
----------------------------------------------------------------------------------------------------------------

          SUMMARY OF THE AMENDMENTS TO H.R. 2534 MADE IN ORDER

    1. McHenry (NC): Clarifies ``relating to the market,'' adds 
an explicit personal benefit test, and strikes the Rule of 
Construction. (10 minutes)
    2. Huizenga (MI): Strikes the term ``aware of'' included in 
the bill and replaces with the term ``using''. (10 minutes)

             TEXT OF AMENDMENTS TO H.R. 2534 MADE IN ORDER

   1. An Amendment To Be Offered by Representative McHenry of North 
           Carolina or His Designee, Debatable for 10 Minutes

  Page 1, beginning on line 17, strike ``relating to the market 
for'' and insert ``any nonpublic information, from whatever 
source, that has, or would reasonably be expected to have, a 
material effect on the market price of any''.
  Page 2, beginning on line 11, strike ``relating to the market 
for'' and insert ``any nonpublic information, from whatever 
source, that has, or would reasonably be expected to have, a 
material effect on the market price of any''.
  Page 3, line 21, insert before the period the following: 
``for a direct or indirect personal benefit (including 
pecuniary gain, reputational benefit, or a gift of confidential 
information to a trading relative or friend)''.
  Page 5, strike lines 12 through 17 and insert a closing 
quotation mark and a period.
                              ----------                              


2. An Amendment To Be Offered by Representative Huizenga of Michigan or 
                 His Designee, Debatable for 10 Minutes

  Page 1, line 10, strike ``Aware of'' and insert ``Using''.
  Page 1, line 14, strike ``aware of'' and insert ``using''.
  Page 2, line 22, strike ``aware of'' and insert ``using''.
  Page 2, beginning on line 24, strike ``aware of'' and insert 
``using''.
  Page 3, line 3, strike ``aware of'' and insert ``using''.
  Page 3, line 23, strike ``aware of'' and insert ``using''.

                                  [all]