No profit act
No Profit Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, known as the NO PROFIT Act, prohibits individuals, including government officials and their families, from buying or selling securities based on nonpublic information obtained from social media accounts controlled by government officials. It aims to prevent insider trading by restricting access to and trading on information shared through these accounts. The bill also seeks to limit social media platforms from offering prioritized access to this information, ensuring fair access for all users.
Key provisions
- Prohibits trading securities based on nonpublic information from covered social media accounts controlled by government officials and their families.
- Defines ‘covered government official’ broadly, including the President, Members of Congress, and executive branch employees.
- Creates a ‘prioritized covered information’ concept, focusing on information obtained through prioritized access before general availability.
- Prohibits social media platforms from offering ‘prioritized access’ to covered social media accounts.
- Establishes civil penalties for social media platforms that offer prioritized access.
- Allows the Securities and Exchange Commission and Commodity Futures Trading Commission to enforce the law.
- Defines key terms such as ‘communication,’ ‘covered social media account,’ and ‘material information.’
- Provides a timeframe for the SEC and CFTC to issue implementing rules.
Who is affected
Bill text
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Sponsors
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6 on record
Primary sponsor
Cosponsors
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