Overview
Title
To amend title 5, United States Code, to require the reporting of periodic transaction reports not later than 15 days after receiving notification of the requirement to report a transaction but in no case later than 30 days after such transaction, and for other purposes.
ELI5 AI
The "Timely Stock Disclosure Act" wants public officials to tell about their stock buying and selling more quickly. They now have to say it no later than 15 days after they know they have to tell, but no later than 30 days after buying or selling.
Summary AI
H. R. 10133, also known as the "Timely Stock Disclosure Act," aims to change the rules for reporting stock transactions by public officials under title 5 of the United States Code. The bill reduces the time frame to report these transactions from 30 days to 15 days after notification, and changes the maximum period to report from 45 days to 30 days. These changes will take effect 90 days after the law is enacted.
Published
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AnalysisAI
In November 2024, a new bill titled the "Timely Stock Disclosure Act" was introduced in the House of Representatives. The bill aims to amend the requirements for reporting periodic financial transactions under Title 5 of the United States Code, specifically focusing on the timelines for these reports. The intent is to enhance transparency and timeliness in the reporting of financial transactions by reducing reporting deadlines.
General Summary of the Bill
The "Timely Stock Disclosure Act" proposes changes to the timeline within which certain financial transactions must be reported by individuals or entities. The bill specifically amends the deadline from 30 days to 15 days after the obligation to report a transaction is triggered and from 45 days to 30 days after the transaction itself. These amendments are set to take effect 90 days after the bill is enacted. Additionally, a minor technical correction aims to fix a typographical error in the existing legal text.
Summary of Significant Issues
One of the key issues highlighted is the lack of a clear definition of what exactly constitutes a "Periodic transaction report." The absence of this definition could lead to confusion among those responsible for compliance, potentially leading to inconsistencies in reporting practices. Moreover, the reduction in reporting timelines is seen as abrupt, and such a significant change may not allow enough time for individuals to comply adequately. Another issue is the technical correction mentioned in the bill, which lacks specific detail on its practical impact, resulting in further potential for misinterpretation. Lastly, the highly technical language of the bill might be difficult for individuals without legal expertise to understand, which risks excluding broader audiences and key stakeholders from fully grasping the implications of the Act.
Potential Broad Public Impact
For the general public, this bill emphasizes the importance of timely reporting of financial transactions, potentially leading to quicker access to necessary financial information. The shortened timeline might encourage faster transparency of financial dealings, which could benefit watchdog groups and citizens interested in financial transparency within government operations and businesses.
Impact on Specific Stakeholders
Among the stakeholders who might be directly impacted by this bill are those responsible for compiling and submitting these periodic transaction reports, which could include government officials, financial officers, and corporate compliance departments. The stricter deadlines could place additional burdens on their operational protocols and workload, potentially requiring them to allocate more resources toward ensuring compliance. Conversely, the bill could positively impact stakeholders advocating for greater transparency and accountability in financial transactions, as more timely reporting can facilitate more effective monitoring and oversight.
Overall, the "Timely Stock Disclosure Act" presents a move towards enhanced transparency in financial reporting, though it raises questions about feasibility and implementation. Its impacts will largely depend on how effectively those involved in reporting can adapt to the new requirements and whether the necessary guidance is provided to avoid ambiguity and confusion.
Issues
The section on 'Periodic transaction reports' (Section 2) does not explicitly define what constitutes a 'Periodic transaction report,' which might lead to ambiguity and confusion among those required to comply with the reporting requirements.
The change in reporting timelines in Section 2 from '30 days' to '15 days' and '45 days' to '30 days' is abrupt and may not provide enough time for compliance. This may place undue pressure on those responsible for submitting these reports, potentially leading to compliance issues without clear justification for the change.
The technical correction referenced in Section 2 lacks clarity, specifically in what practical changes are being implemented. This could lead to confusion among stakeholders about the specific legal and procedural impacts of the amendment.
The language used in Section 2 is highly technical and might be difficult for individuals without legal expertise to understand, potentially limiting accessibility and transparency. This could exclude important stakeholders from fully understanding the implications of the Act.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The opening section of the act states that the official short title of the legislation is the “Timely Stock Disclosure Act.”
2. Periodic transaction reports Read Opens in new tab
Summary AI
The text describes a section of a bill that changes the deadlines for filing periodic transaction reports, reducing the time from 30 days to 15 days and from 45 days to 30 days, with these changes taking effect 90 days after the bill becomes law. It also includes a minor correction to a cross-reference within the code.