Reconnecting Congress with America Act of 2011 - Adjusts the annual rate of pay for Members of Congress for pay periods occurring in a calendar year if, for the most recent fiscal year ending before that calendar year, the federal deficit attained specified levels. Sets a Member's annual pay rate at: (1) 80% of the applicable base rate if the federal deficit was equal to or greater than 3% of the gross domestic product (GDP), (2) 90% of the applicable rate if the federal deficit was less than 3% of GDP, and (3) 100% of the applicable rate if there was no federal deficit.
Amends the Legislative Reorganization Act of 1946 to eliminate any statutory pay adjustments for Members of Congress.
Increases by 4.9% the contributions payable by a Member of Congress under the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS).
Establishes the federal contributions payable under CSRS and FERS for a Member equal to the percentage that would otherwise apply minus such 4.9% increase.
Amends the Commodity Exchange Act and the Securities Exchange Act of 1934 to direct both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained: (1) knowingly from a Member or congressional employee, (2) by reason of being a Member or congressional employee, or (3) from other federal employees and derived from their federal employment.
Directs both the Committee on Agriculture and the Committee on Financial Services of the House of Representatives to hold hearings on the implementation by the CFTC and the SEC of such financial transaction prohibitions.
Expresses the sense of Congress that any law enacted by Congress should apply to Members of Congress in the same manner and to the same extent as the law applies to other individuals.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3565 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3565
To reduce the salaries of Members of Congress if a Federal budget
deficit exists, prohibit commodities and securities trading based on
non-public information relating to Congress, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 6, 2011
Mr. Flores introduced the following bill; which was referred to the
Committee on House Administration, and in addition to the Committees on
Oversight and Government Reform, Agriculture, Rules, and Financial
Services, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To reduce the salaries of Members of Congress if a Federal budget
deficit exists, prohibit commodities and securities trading based on
non-public information relating to Congress, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Reconnecting Congress with America
Act of 2011''.
SEC. 2. REDUCTION IN SALARIES OF MEMBERS OF CONGRESS IN RESPONSE TO
FEDERAL BUDGET DEFICIT.
(a) Determination of Salaries.--The annual rate of pay for a Member
of Congress (including a Delegate or Resident Commissioner to the
Congress) for pay periods occurring in a calendar year shall be equal
to the following:
(1) If, with respect to the most recent fiscal year ending
before that calendar year, the Federal deficit was equal to or
greater than 3 percent of the gross domestic product, 80% of
the base rate applicable to the Member.
(2) If, with respect to the most recent fiscal year ending
before that calendar year, the Federal deficit was less than 3
percent of the gross domestic product, 90% of the base rate
applicable to the Member.
(3) If, with respect to the most recent fiscal year ending
before that calendar year, there was no Federal deficit, 100%
of the base rate applicable to the Member.
(b) Federal Deficit.--
(1) Definition.--For purposes of this section, the term
``Federal deficit'' means, with respect to a fiscal year, the
amount by which outlays of the Federal Government exceeded
receipts of the Government for that fiscal year.
(2) Report by secretary of the treasury.--Not later than 30
days after the end of each fiscal year (beginning with fiscal
year 2011), the Secretary of the Treasury shall--
(A) make a determination of the gross domestic
product for that fiscal year;
(B) make a determination of whether a Federal
deficit existed with respect to that fiscal year, and,
if so, the amount of such Federal deficit; and
(C) submit a report of such determinations to
Congress.
(c) Base Rate.--For purposes of this section, the ``base rate''
applicable to a Member of Congress means--
(1) in the case of the Speaker of the House of
Representatives, $223,500;
(2) in the case of the President pro tempore of the Senate,
the majority leader and the minority leader of the Senate, and
the majority leader and the minority leader of the House of
Representatives, $193,400; and
(3) in the case of any other Member of Congress, $174,000.
(d) Conforming Amendment.--Section 601(a) of the Legislative
Reorganization Act of 1946 (2 U.S.C. 31) is repealed.
(e) Effective Date.--
(1) In general.--This section and the amendments made by
this section shall apply with respect to pay periods occurring
on or after January 1, 2013.
(2) Sense of congress regarding voluntary return of
salary.--It is the sense of Congress that, during pay periods
occurring after the date of enactment of this Act and prior to
the date referred to in paragraph (1), each Member of Congress
should voluntarily adjust the amount of the Member's salary to
reflect the annual rates of pay that will take effect on such
date.
SEC. 3. RETIREMENT CONTRIBUTIONS FOR MEMBERS OF CONGRESS.
(a) Civil Service Retirement System.--
(1) Member contribution.--Notwithstanding any provision of
subsection (a)(1)(A) or (k)(1)(A) of section 8334 of title 5,
United States Code, for any period beginning on or after date
of enactment of this Act, the contributions payable by a Member
of Congress under such provision for such period shall be equal
to the percentage that would otherwise apply plus 4.9
percentage points.
(2) Government contribution.--Notwithstanding any provision
of subsection (a)(1)(B) or (k)(1)(B) of section 8334 of such
title, for any period beginning on or after date of enactment
of this Act, the contributions payable under such provision for
a Member of Congress shall be equal to the percentage that
would otherwise apply minus 4.9 percentage points.
(b) Federal Employees' Retirement System.--
(1) Member contribution.--Notwithstanding any provision of
section 8422(a) of title 5, United States Code, for any period
beginning on or after date of enactment of this Act, the
contributions payable by a Member of Congress under such
provision for such period shall be equal to the percentage that
would otherwise apply plus 4.9 percentage points.
(2) Government contribution.--Notwithstanding any provision
of section 8423 of such title, for any period beginning on or
after date of enactment of this Act, the contributions payable
under such provision for a Member of Congress shall be equal to
the percentage that would otherwise apply (disregarding
paragraph (1)) minus 4.9 percentage points.
SEC. 4. PROHIBITING COMMODITIES AND SECURITIES TRADING BASED ON
NONPUBLIC INFORMATION RELATING TO CONGRESS.
(a) Nonpublic Information Relating to Congress and Other Federal
Employees.--
(1) Commodities transactions.--Section 4c of the Commodity
Exchange Act (7 U.S.C. 6c) is amended by adding at the end the
following:
``(h) Nonpublic Information Relating to Congress.--Not later than
270 days after the date of enactment of this subsection, the Commission
shall by rule prohibit any person from buying or selling any commodity
for future delivery or swap while such person is in possession of
material nonpublic information, as defined by the Commission, relating
to any pending or prospective legislative action relating to such
commodity if--
``(1) such information was obtained by reason of such
person being a Member or employee of Congress; or
``(2) such information was obtained from a Member or
employee of Congress, and such person knows that the
information was so obtained.
``(i) Nonpublic Information Relating to Other Federal Employees.--
``(1) Rulemaking.--Not later than 270 days after the date
of enactment of this subsection, the Commission shall by rule
prohibit any person from buying or selling any commodity for
future delivery or swap while such person is in possession of
material nonpublic information derived from Federal employment
and relating to such commodity if--
``(A) such information was obtained by reason of
such person being an employee of an agency, as such
term is defined in section 551(1) of title 5, United
States Code; or
``(B) such information was obtained from such an
employee, and such person knows that the information
was so obtained.
``(2) Material nonpublic information.--For purposes of this
subsection, the term `material nonpublic information' means any
information that an employee of an agency (as such term is
defined in section 551(1) of title 5, United States Code) gains
by reason of Federal employment and that such employee knows or
should know has not been made available to the general public,
including information that--
``(A) is routinely exempt from disclosure under
section 552 of title 5, United States Code, or
otherwise protected from disclosure by statute,
Executive order, or regulation;
``(B) is designated as confidential by an agency;
or
``(C) has not actually been disseminated to the
general public and is not authorized to be made
available to the public on request.''.
(2) Securities transactions.--Section 10 of the Securities
Exchange Act of 1934 (15 U.S.C. 78j) is amended by adding at
the end the following:
``(d) Nonpublic Information Relating to Congress.--Not later than
270 days after the date of enactment of this subsection, the Commission
shall by rule prohibit any person from buying or selling the securities
or security based swaps of any issuer while such person is in
possession of material nonpublic information, as defined by the
Commission, relating to any pending or prospective legislative action
relating to such issuer if--
``(1) such information was obtained by reason of such
person being a Member or employee of Congress; or
``(2) such information was obtained from a Member or
employee of Congress, and such person knows that the
information was so obtained.
``(e) Nonpublic Information Relating to Other Federal Employees.--
``(1) Rulemaking.--Not later than 270 days after the date
of enactment of this subsection, the Commission shall by rule
prohibit any person from buying or selling the securities or
security based swaps of any issuer while such person is in
possession of material nonpublic information derived from
Federal employment and relating to such issuer if--
``(A) such information was obtained by reason of
such person being an employee of an agency, as such
term is defined in section 551(1) of title 5, United
States Code; or
``(B) such information was obtained from such an
employee, and such person knows that the information
was so obtained.
``(2) Material nonpublic information.--For purposes of this
subsection, the term `material nonpublic information' means any
information that an employee of an agency (as such term is
defined in section 551(1) of title 5, United States Code) gains
by reason of Federal employment and that such employee knows or
should know has not been made available to the general public,
including information that--
``(A) is routinely exempt from disclosure under
section 552 of title 5, United States Code, or
otherwise protected from disclosure by statute,
Executive order, or regulation;
``(B) is designated as confidential by an agency;
or
``(C) has not actually been disseminated to the
general public and is not authorized to be made
available to the public on request.''.
(b) Committee Hearings on Implementation.--
(1) In general.--The Committee on Agriculture of the House
of Representatives shall hold a hearing on the implementation
by the Commodity Futures Trading Commission of subsections (h)
and (i) of section 4c of the Commodity Exchange Act (as added
by subsection (a)), and the Committee on Financial Services of
the House of Representatives shall hold a hearing on the
implementation by the Securities Exchange Commission of
subsections (d) and (e) of section 10 of the Securities
Exchange Act of 1934 (as added by subsection (a)).
(2) Exercise of rulemaking authority.--Paragraph (1) is
enacted--
(A) as an exercise of the rulemaking power of the
House of Representatives and, as such, shall be
considered as part of the rules of the House, and such
rules shall supersede any other rule of the House only
to the extent that rule is inconsistent therewith; and
(B) with full recognition of the constitutional
right of the House to change such rules (so far as
relating to the procedure in the House) at any time, in
the same manner, and to the same extent as in the case
of any other rule of the House.
SEC. 5. SENSE OF CONGRESS REGARDING APPLICATION OF LAWS TO MEMBERS.
It is the sense of Congress that any law enacted by Congress should
apply to Members of Congress in the same manner and to the same extent
as the law applies to other individuals.
<all>
Introduced in House
Introduced in House
Referred to the Committee on House Administration, and in addition to the Committees on Oversight and Government Reform, Agriculture, Rules, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on House Administration, and in addition to the Committees on Oversight and Government Reform, Agriculture, Rules, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on House Administration, and in addition to the Committees on Oversight and Government Reform, Agriculture, Rules, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on House Administration, and in addition to the Committees on Oversight and Government Reform, Agriculture, Rules, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on House Administration, and in addition to the Committees on Oversight and Government Reform, Agriculture, Rules, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Referred to the Subcommittee on General Farm Commodities and Risk Management.