Bill Keating on Government Reform

	Bill Keating on Government Reform
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Forced MA Senate President to accept term limits

As a state Senator, Bill Keating took on Beacon Hill politics-as-usual and gained a reputation for standing up to even the most politically powerful. Keating forced Bulger to adopt key reforms like term limits on leadership positions. In Congress, Bill will stand up for tough but necessary reforms to change the way Washington is doing business. That includes banning corporate earmarks, closing loopholes that allow lobbyists to game the system, and making government more transparent. Source: 2010 House campaign website, billkeating.org, "Issues" , Nov 2, 2010

Ban stock trading based on Congressional insider knowledge.

Keating co-sponsored STOCK Act

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.

Source: H1148/S1871 11-S1871 on Nov 15, 2011

Require full disclosure of independent campaign expenditures.

Keating co-sponsored DISCLOSE Act

Congressional Summary:

Democracy Is Strengthened by Casting Light On Spending in Elections Act of 2012 or DISCLOSE Act:
Amends the Federal Election Campaign Act of 1971 (FECA) to add to the definition of "independent expenditure" an expenditure by a person that expressly advocates the election or defeat of a clearly identified candidate, or takes a position on a candidates, qualifications, or fitness for office.
Expands the period during which certain communications are treated as electioneering communications.
Prescribes disclosure requirements for corporations, labor organizations, and certain other entities, including a political committee with an account established for the purpose of accepting donations or contributions that do not comply with the contribution limits or source prohibitions under FECA (but only with respect to such accounts).
Repeals the prohibition against political contributions by individuals age 17 or younger.

Wikipedia & OnTheIssue Summary:

On January 21, 2010, the Supreme Court, in Citizens United v. Federal Election Commission, ruled that prohibiting corporations and unions from making independent expenditures in political campaigns was unconstitutional. This ruling is frequently described as permitting corporations and unions to donate to political campaigns, but these claims are incorrect. The ruling did remove the previous ban on corporations and organizations using their funds for direct advocacy, including endorsing for or against specific candidates, actions that were previously prohibited.

The result of Citizens United was that "Super PACs" spent millions on TV ads in the 2012 election, advocating both issues and candidates. The DISCLOSE Act attempts to reduce the negative effect of Citizens United by requiring disclosure of independent expenditures made by advocacy groups.

Source: S3369/HR4010 12-HR4010 on Feb 9, 2012

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