NO PROFIT Act

This bill would make it illegal for anyone to trade stocks, commodities, swaps, or prediction-market contracts while aware of important information from a government official's social media post that they received early through special access before the public could see it. It would also ban passing such information to others who are likely to trade on it. The Securities and Exchange Commission and the Commodity Futures Trading Commission would enforce the trading ban and must write rules within 180 days. Social media platforms would be barred from selling or offering early or special access to posts from accounts run by federal officials, their families, or federal agencies, with some exceptions such as emergency alerts. A platform that breaks this rule would owe a civil penalty equal to the revenue it earned from that access, which the Attorney General could sue to collect.

Full text and official record on Congress.gov

Sponsors

• James A. Himes Democrat sponsor
• 6 cosponsors