Bill Owens on Government Reform Democratic Representative (NY-23)

Reduce the salary of Members of Congress.

Effective with respect to pay periods beginning after the date of the regularly scheduled general election for Federal office held in November 2012, the rate of basic pay for each Member of Congress shall be reduced by 5%, rounded to the nearest multiple of $100.

This adjustment shall be in lieu of any adjustment which might otherwise take effect, in the rates of basic pay for Members of Congress.

Ban stock trading based on Congressional insider knowledge.

Congressional Summary:Stop Trading on Congressional Knowledge Act (STOCK Act): Amends the Securities Exchange Act and the Commodity Exchange Act to prohibit purchase or sale of either securities or commodities by a person in possession of material nonpublic information regarding pending or prospective legislative action.

• Amends the Ethics in Government Act to require formal disclosure of certain securities and commodities futures transactions.
• Amends the Lobbying Disclosure Act to subject to its registration, reporting, and disclosure requirements all political intelligence activities, contacts, firms, and consultants.

Bill explanation (ProCon.org, "Insider Trading by Congress", Feb. 3, 2012):

• On Mar. 17, 2011, Tim Walz (D-MN) introduced the STOCK Act where it gained nine co-sponsors by Nov. 4, 2011.
• On Nov. 13, 2011, the TV show "60 Minutes" reported that several members of Congress allegedly used insider information for personal gain. The STOCK Act received 84 additional House co-sponsors in the five days following the report, and Scott Brown (R-MA) filed the STOCK Act in the Senate on Nov. 15, 2011. Kirsten Gillibrand (D-NY) also filed a variation of the STOCK Act in the Senate on Nov. 17, 2011.
• On Jan. 24, 2012, in his State of the Union Address, President Obama said "Send me a bill that bans insider trading by members of Congress, and I will sign it tomorrow."
• Immediately after the speech, Senate Majority Leader Harry Reid (D-NV) told reporters, "I think people should have enough sense not to do it [insider trading] without legislation, but I will support legislation."
• On Feb. 2, 2012, a revised version of the STOCK Act passed in the Senate by a vote of 96-3 with Senators Richard Burr (R-NC), Tom Coburn (R-OK), and Jeff Bingaman (D-NM) dissenting.

Matching fund for small donors, with debate requirements.

Congressional Summary:Fair Elections Now Act--Amends 1971 FECA with respect to:

• 500% matching payments to candidates for certain small dollar contributions;
• a public debate requirement;
• establishment of the Fair Elections Fund and of a Fair Elections Oversight Board;
• remission to the Fair Elections Fund of unspent funds after an election civil penalties for violation of contribution and expenditure requirements;
• Requires all designations, statements, and reports required to be filed under FECA to be filed directly with the FEC in electronic form accessible by computers.

Statement of support for corresponding Senate bill: (Sunlight Foundation) Now we bring you the Senate Campaign Disclosure Parity Act, a bill that should probably be the least controversial of all. S. 375 would simply require senators and Senate candidates to file their public campaign finance disclosure reports electronically with the Federal Election Commission, the way House candidates and presidential candidates have been filing for over a decade. A version of the bill has been introduced during every congress starting in 2003 (!) yet it has been blocked repeatedly, a victim of political football.

Sen. Jon Tester, D-Mont., has introduced the most recent version, which would ensure that paper Senate campaign finance reports are a thing of the past. But even with 50 bipartisan cosponsors, the bill faces an uphill battle. Minority Leader Mitch McConnell, R-Ky, has repeatedly prevented the bill from coming to the Senate floor. We won't be deterred--as long as McConnell continues to block the bill, we'll continue to highlight that his intransigence results in delayed disclosure of vital, public campaign finance information, not to mention wasting $500,000 in taxpayer money annually. Eventually, we'll win.