Bill Cassidy

Stop Insider Trading Act

This bill generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.

Specifically, Members of Congress and the spouses and dependent children of Members may not purchase covered investments. Between 7 and 14 days before a Member or a covered spouse or dependent sells a covered investment, the relevant Member must file a public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate, as appropriate. The Clerk or Secretary must publish this notice online. If the individual decides not to sell the investment, the notice must be withdrawn.

Under the bill, a covered investment is a security issued by a publicly traded company or a related instrument (e.g., a derivative). Some investments are exempt, including interest in a widely held investment fund and certain investments held in a trust.

Violations of these provisions are subject to a fee and, in the case of a purchase, a requirement to sell the covered investment. The fee equals the sum of (1) the greater of $2,000 or 10% of the transaction value, and (2) any net gain from the transaction during a specified period. The fee may not be paid using campaign donations or Members’ official allowances.

Certain transactions by covered spouses and dependents are exempt, including transactions made on behalf of another person or made as part of compensation from the individual’s employer.

State-Based Education Loan Awareness Act

This bill excludes certain arrangements or agreements regarding education loans from the definition of a preferred lender arrangement.

A preferred lender arrangement is an arrangement or agreement between a lender and an institution of higher education (IHE) that receives federal funding or assistance (1) under which a lender issues education loans to students attending the IHE; and (2) that relates to the IHE recommending, promoting, or endorsing the education loan products of the lender.

The bill provides that arrangements or agreements made under a state-based education loan program do not meet the definition of a preferred lender agreement for purposes of certain required disclosures to student borrowers.

North Platte Canteen Congressional Gold Medal Act

This bill provides for the award of a Congressional Gold Medal to recognize the individuals and communities that provided financial and other support for the North Platte Canteen in North Platte, Nebraska, during World War II.

Gun Owner Registration Information Protection Act

This bill prohibits federal funding of, or support for, state databases that list (1) firearms lawfully owned or possessed by individuals, or (2) individuals who lawfully own or possess firearms.

Safeguard American Voter Eligibility Act or the SAVE America Act

This bill requires individuals to provide documentary proof of U.S. citizenship when registering to vote, and requires photo identification to vote, in federal elections.

Specifically, the bill prohibits states from accepting and processing an application to register to vote in a federal election unless the applicant presents documentary proof of U.S. citizenship. The bill specifies what documents are considered acceptable proof of U.S. citizenship, such as identification that complies with the REAL ID Act of 2005 that indicates U.S. citizenship.

Further, the bill (1) prohibits states from registering an individual to vote in a federal election unless, at the time the individual applies to register to vote, the individual provides documentary proof of U.S. citizenship; and (2) requires states to establish an alternative process to demonstrate U.S. citizenship.

Each state must take affirmative steps on an ongoing basis to ensure that only U.S. citizens are registered to vote, which shall include establishing a program to identify individuals who are not U.S. citizens using information supplied by certain sources.

Additionally, states must remove noncitizens from their official lists of eligible voters.

The bill (1) provides for a private right of action for certain violations, and (2) establishes criminal penalties for certain offenses.

Individuals voting in federal elections must present an eligible photo identification document. An individual who votes by absentee ballot must submit a copy of their identification document with both the request for, and the submission of, the absentee ballot.

No Retaining Every Gun In a System That Restricts Your Rights Act

This bill modifies the retention requirements for firearm transaction records of federal firearms licensees (FFLs) that go out of business.

Current law generally requires FFLs that go out of business to deliver their firearm transaction records to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

This bill removes the requirement for FFLs that go out of business to deliver their firearm transaction records to the ATF. Further, the bill requires the ATF to destroy all out-of-business records it has collected from FFLs.

Silencers Help Us Save Hearing Act or the SHUSH Act

This bill removes silencers from regulation under federal firearms laws.

Specifically, it removes silencers from the list of firearms subject to regulation (i.e., registration and licensing requirements) under the National Firearms Act (NFA). Additionally, it excludes a muffler or silencer from the list of firearms subject to regulation (e.g., background check requirements) under the Gun Control Act of 1968 (GCA).

Additionally, the bill does the following:

• preempts state or local laws that tax or regulate firearm silencers,

• specifies that a person who lawfully acquires or possesses a silencer under provisions of the GCA meets the registration and licensing requirements of the NFA,

• eliminates mandatory minimum prison terms for a crime of violence or drug trafficking offense in which a defendant uses or carries a firearm equipped with a silencer or muffler, and

• permits active and retired law enforcement officers to carry a concealed silencer.

Finally, the bill excludes firearm mufflers and silencers from regulation by the Consumer Product Safety Commission. (Current law generally excludes firearms from regulation by the commission.)