,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajabe  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,augu/ #bj1 #bjbf,mr4 
,himes 7= himself1 ,mr4 ,%]man1 ,mr4    
,fo/]1 ,mr4 ,got!im]1 ,mr4 ,ca/51 & ,mr4
 ,licc>do7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices1 & 9 addition to ! ,committees 
on ,agriculture1 & ,en]gy & ,comm]ce1 = 
a p]iod to be subsequ5tly det]m9$ by !  
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to      
prohibit ! pur*ase or sale ( securities 
:ile aw>e ( nonpublic in=mation conta9$ 
9 c]ta9 social m$ia acc\nts controll$ by
 ,gov]nm5t (ficials1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,no ,pref]5tial ,release ,( ,f$]al    
,in=mation = ,transactions ,act or !    
,,no ,,pr(it ,act 4  #b4 ,def9itions ,9 
?is ,act3  7#a7 ,commodity2 contract (  
sale2 future deliv]y2 option2 swap ,!   
t]ms commodity1 contract ( sale1 future 
deliv]y1 option1 & swap h ! mean+s giv5 

^? t]ms 9 section #a;a ( ! ,commodity   
,ex*ange ,act 7#g ,u4,s4,c4 #a;a74  7#b7
 ,communication ,! t]m communication    
means any po/1 /atem5t1 message1 image1 
video1 audio record+1 or o!r cont5t     
g5]at$1 publi%$1 or di/ribut$ ?r\gh a   
social m$ia plat=m4  7#c7 ,cov]$ family 
memb] ,! t]m cov]$ family memb] means ! 
sp\se1 dep5d5t *ild1 or o!r imm$iate    
family memb] ( a cov]$ gov]nm5t (ficial4
  7#d7 ,cov]$ gov]nm5t (ficial ,! t]m   
cov]$ gov]nm5t (ficial--  7,a7 means--  
7i7 ! ,presid5t2  7ii7 ! ,vice          
,presid5t2  7iii7 a ,memb] ( ,congress2 
7iv7 an employee ( ,congress2  7v7 an   
executive bran* employee2  7vi7 a       
judicial (fic]2 or  7vii7 a judicial    
employee2 &  7,b7 includes an individual
 describ$ 9 any clause ( subp>agraph    
7,a7 dur+ ! #ahj-;day p]iod beg9n+ on ! 
date on :i* ! individual sep>ates f !   
position describ$ 9 ! applicable clause4
  7#e7 ,cov]$ social m$ia acc\nt ,! t]m 
cov]$ social m$ia acc\nt means an acc\nt
 or pr(ile on a social m$ia plat=m t    

is--  7,a7 own$1 op]at$1 ma9ta9$1       
direct$1 or controll$ by-- 7i7 a cov]$  
gov]nm5t (ficial2  7ii7 a cov]$ family  
memb]2  7iii7 ano!r p]son act+ at !     
direction (1 or on behalf (1 a cov]$    
gov]nm5t (ficial or a cov]$ family      
memb]2 or  7iv7 a ,f$]al ag5cy1         
executive dep>tm5t1 milit>y dep>tm5t1 or
 o!r in/rum5tality ( ! ,f$]al ,gov]nm5t2
 or  7,b7 us$ by or on behalf ( a cov]$ 
gov]nm5t (ficial1 or a cov]$ family     
memb]1 to communicate ) ! public4  7#f7 
,employee ( ,congress ,! t]m employee ( 
,congress means-- 7,a7 any individual1  
o!r ?an a ,memb] ( ,congress1 !         
comp5sation ( :om is disburs$ by !      
,secret>y ( ! ,s5ate or ! ,*ief         
,adm9i/rative ,(fic] ( ! ,h\se (        
,repres5tatives2 &  7,b7 any o!r (fic]  
or employee ( ! legislative bran*1 z    
def9$ 9 section #acaja ( title #e1      
,unit$ ,/ates ,code4  7#g7 ,executive   
bran* employee ,! t]m executive bran*   
employee--  7,a7 means an employee1 z   
def9$ 9 section #baje ( title #e1 ,unit$

 ,/ates ,code1 9 ! executive bran* ( !  
,f$]al ,gov]nm5t2 &  7,b7 includes--    
7i7 ! ,presid5t2  7ii7 ! ,vice          
,presid5t2  7iii7 an individual s]v+ 9 a
 position 9 ! executive bran* ( ! ,f$]al
 ,gov]nm5t = :i* appo9tm5t is made by ! 
,presid5t1 )\t reg>d to :e!r ! advice & 
cons5t ( ! ,s5ate is requir$ ) respect  
to t appo9tm5t1 includ+ an individual   
s]v+ 9 a position-- 7,i7 at level ,i1   
,,ii1 ,,iii1 ,,iv1 or ,v ( ! ,executive 
,s*$ule1 z describ$ 9 section #ecab1    
#ecac1 #ecad1 #ecae1 or #ecaf ( title   
#e1 ,unit$ ,/ates ,code1 respectively2  
7,,ii7 describ$ 9 section #bac4cajb7;c7 
( title #e1 ,code ( ,f$]al ,regulations1
 or any successor regulation2  7,,iii7  
describ$ 9 section #bac4cajb7z7 ( title 
#e1 ,code ( ,f$]al ,regulations1 or any 
successor regulation2  7,,iv7 "u s*$ule 
,a "u subp>t ,c ( "p #bac ( title #e1   
,code ( ,f$]al ,regulations1 or any     
successor regulations2  7iv7 an employee
 ( ! ,unit$ ,/ates ,po/al ,s]vice or ( !
 ,po/al ,regulatory ,commission2  7v7 a 

memb] ( ! uni=m$ s]vices1 z def9$ 9     
section #baja ( title #e1 ,unit$ ,/ates 
,code1 )\t reg>d to :e!r t individual is
 on active duty2  7vi7 an individual    
s]v+ 9 a ,s5ior ,executive ,s]vice      
position1 z def9$ 9 section #cacb7;a7 ( 
title #e1 ,unit$ ,/ates ,code2  7vii7 an
 individual s]v+ 9 a position 9 !       
executive bran* ( ! ,f$]al ,gov]nm5t 9 a
 political capacity "u ag5cy-specific   
au?ority2 &  7viii7 an individual s]v+ 9
 any position describ$ 9 ?is p>agraph "u
 a provisional political appo9tm5t4     
7#h7 ,g5]ally available ,! t]m g5]ally  
available1 ) respect to a communication 
issu$ ?r\gh a cov]$ social m$ia acc\nt1 
means t ! communication is dissem9at$   
?r\gh a me?od 7or comb9ation ( me?ods7 t
 is available to ord9>y social m$ia     
plat=m us]s ?r\gh ! /&>d1 no-co/        
int]face1 )\t reg>d to :e!r !           
communication is also accessible ?r\gh  
any o!r means1 int]face1 or arrangem5t4 
7#i7 ,judicial employee2 judicial (fic] 
,! t]ms judicial employee & judicial    

(fic] h ! mean+s giv5 ^? t]ms 9 section 
#acaja ( title #e1 ,unit$ ,/ates ,code4 
7#aj7 ,mat]ial in=mation ,! t]m mat]ial 
in=mation means in=mation ) respect to  
:i* !re is a sub/antial likelihood t a  
reasonable inve/or w\ld consid] !       
in=mation important 9 mak+ an inve/m5t  
or trad+ decision4  7#aa7 ,memb] (      
,congress ,! t]m ,memb] ( ,congress     
means a ,memb] ( ! ,s5ate or ,h\se (    
,repres5tatives1 a ,delegate to ! ,h\se 
( ,repres5tatives1 or ! ,resid5t        
,commission] f ,pu]to ,rico4  7#ab7     
,prioritiz$ access ,! t]m prioritiz$    
access means any s]vice1 arrangem5t1    
me?od1 or functionality ?r\gh :i* a     
social m$ia plat=m1 directly or         
indirectly1 all[s a p]son or class (    
p]sons to receive1 access1 view1        
process1 or o!rwise become aw>e ( a     
communication issu$ ?r\gh a cov]$ social
 m$ia acc\nt-- 7,a7 be=e ! communication
 is g5]ally available2 or  7,b7 on t]ms 
t diff] mat]ially 9 tim+1 lat5cy1 me?od 
( deliv]y1 =mat1 functionality1 or      

te*nical accessibility f ! t]ms         
available to o!r us]s ( ! social m$ia   
plat=m1 unless ^? t]ms are =            
accessibility accommodations (f]$ on a  
non-discrim9atory basis4  7#ac7         
,prioritiz$ cov]$ in=mation ,! t]m      
prioritiz$ cov]$ in=mation means mat]ial
 in=mation conta9$ 9 a communication    
issu$ ?r\gh a cov]$ social m$ia acc\nt  
t--  7,a7 is obta9$ by a p]son ?r\gh    
prioritiz$ access2 &  7,b7 at ! "t !    
p]son obta9s ! in=mation1 is n g5]ally  
available4  7#ad7 ,social m$ia plat=m ,!
 t]m social m$ia plat=m has ! mean+ giv5
 ! t]m 9 section #abd7;a7 ( ! ,traffick+
 ,victims ,prev5tion & ,protection      
,reau?orization ,act ( #bjbb 7#db       
,u4,s4,c4 #ahfbw7a774  7#ae7            
,speculative in=mation m>ket ,! t]m     
speculative in=mation m>ket means a     
m>ket1 plat=m1 facility1 or sy/em ?r\gh 
:i* a p]son may pur*ase1 sell1 or ent]  
into a contract1 ! value (1 or paym5t ) 
respect to :i*1 is bas$1 9 :ole or 9 "p1
 on ! occurr5ce or nonoccurr5ce ( an    

ev5t or ! outcome ( a future cont+5cy4  
#c4 ,prohibition on trad+ :ile aw>e (   
prioritiz$ cov]$ in=mation  7a7         
,prohibition ,x %all be unlawful = any  
p]son1 directly or indirectly1 :ile aw>e
 ( prioritiz$ cov]$ in=mation & be=e t  
in=mation is g5]ally available1 to--    
7#a7 pur*ase1 sell1 or o!rwise ent] into
 a transaction involv+--  7,a7 a        
security or security-bas$ swap2  7,b7 a 
commodity1 contract ( sale ( a commodity
 = future deliv]y1 commodity option1 or 
swap2 or  7,c7 a contract (f]$ ?r\gh a  
speculative in=mation m>ket2  7#b7 cause
 or direct ano!r p]son to ent] into a   
transaction describ$ 9 p>agraph 7#a72 or
  7#c7 communicate prioritiz$ cov]$     
in=mation to ano!r p]son if ! p]son     
communicat+ ! prioritiz$ cov]$ in=mation
 kn[s1 or reasonably %\ld "k1 t !       
recipi5t ( ! prioritiz$ cov]$ in=mation 
is likely to ent] into a transaction    
describ$ 9 p>agraph 7#a7 :ile aw>e ( t  
prioritiz$ cov]$ in=mation & be=e !     
prioritiz$ cov]$ in=mation is g5]ally   

available4  7b7 ,k ( prioritiz$ access  
,a p]son %all n be liable "u subsection 
7a7 unless ! p]son knew1 or reasonably  
%\ld h kn[n1 t ! applicable prioritiz$  
cov]$ in=mation 0 obta9$ ?r\gh          
prioritiz$ access4  7c7 ,brea* ( duty n 
requir$ ,a violation ( subsection 7a7   
%all n require pro( t ! applicable      
prioritiz$ cov]$ in=mation 0 obta9$ or  
communicat$ ?r\gh a brea* ( a fiduci>y  
duty1 a relation%ip ( tru/ or confid5ce1
 or any o!r duty ( tru/ or confid5ce4   
7d7 ,securities & security-bas$ swaps ,a
 violation ( ?is section involv+ a      
transaction involv+ a security or       
security-bas$ swap %all be treat$ z a   
violation ( section #ba;,a ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghu-#a71 & ! ,securities &   
,ex*ange ,commission may en=ce t        
violation 9 ! same mann]1 by ! same     
means1 & ) ! same jurisdiction1 p[]s1 & 
rem$ies available to ! ,commission "u   
su* section #ba;,a1 )\t reg>d to :e!r t 
transaction w\ld o!rwise 7b = ! op]ation

 ( ?is subsection7 con/itute a violation
 ( su* section #ba;,a4  7e7             
,commodities1 futures1 options1 swaps1 &
 speculative in=mation m>ket contracts  
,a violation ( ?is section involv+ a    
transaction involv+ a commodity1 a      
contract ( sale ( a commodity = future  
deliv]y1 an option1 a swap1 or a        
contract ( sale ( a commodity (f]$ ?r\gh
 a speculative in=mation m>ket %all be  
treat$ z a violation ( section #f7;c7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #i71 & ! ,commodity ,futures ,trad+    
,commission may en=ce t violation 9 !   
same mann]1 by ! same means1 & ) ! same 
jurisdiction1 p[]s1 & rem$ies available 
to ! ,commodity ,futures ,trad+         
,commission "u su* section #f7;c71 )\t  
reg>d to :e!r t transaction w\ld o!rwise
 7b = ! op]ation ( ?is subsection7      
con/itute a violation ( su* section     
#f7;c74  7f7 ,rulemak+ ,n lat] ?an #ahj 
days aft] ! date ( enactm5t ( ?is ,act1 
! ,securities & ,ex*ange ,commission & !
 ,commodity ,futures ,trad+ ,commission 

%all jo9tly issue su* rules z may be    
necess>y to c>ry out ?is section4  #d4  
,prohibition on prioritiz$ access to    
cov]$ social m$ia acc\nts  7a7          
,prohibition  7#a7 ,9 g5]al ,x %all be  
unlawful = a social m$ia plat=m1        
directly or indirectly1 to kn[+ly (f]1  
provide1 sell1 lic5se1 or o!rwise make  
available prioritiz$ access to a        
communication issu$ ?r\gh a cov]$ social
 m$ia acc\nt4  7#b7 ,rules ( con/ruction
 ,no?+ 9 p>agraph 7#a7 %all be con/ru$  
to re/rict--  7,a7 ! ability ( a social 
m$ia plat=m to (f] prioritiz$ access to 
a communication issu$ ?r\gh an acc\nt or
 pr(ile t is n a cov]$ social m$ia      
acc\nt2  7,b7 ! use by a social m$ia    
plat=m ( algori?mic cont5t rank+ or !   
deliv]y ( cont5t or in=mation int5d$ = a
 specific us] at no additional co/ to ! 
us] & on ! basis ( data held by ! social
 m$ia plat=m t id5tifies1 or is us$ to  
pr$ict1 cont5t or in=mation t c\ld be ( 
int]e/ to t us]2  7,c7 ! ability ( a    
social m$ia plat=m to (f] prioritiz$    

access directly to a ,f$]al1 t]ritorial1
 ,tribal1 ,/ate1 or local ag5cy or to   
fir/ respond]s & a segm5t ( ! public at 
! direction ( su* an ag5cy1 = ! purpose 
( communicat+ in=mation conc]n+ public  
heal? or public safety1 or 9 ! ev5t (   
em]g5cy or disa/]1 provid$ t no fee is  
*>g$ to any ?ird-p>ty recipi5t ( su*    
prioritiz$ access2 or  7,d7 ! (f]+1     
provision1 or lic5s+ by a social m$ia   
plat=m ( programmatic1 application      
programm+ int]face1 or data-lic5s+      
access to a communication issu$ ?r\gh a 
cov]$ social m$ia acc\nt1 provid$ t su* 
access--  7i7 is (f]$ on reasonable t]ms
 t d n discrim9ate among recipi5ts (    
comp>able programmatic or data-lic5s+   
access2  7ii7 does n make !             
communication available to a p]son1 or  
class ( p]sons1 be=e ! communication is 
g5]ally available2 &  7iii7 does n conf]
 any advantage 9 tim+ or lat5cy1        
relative to ! g5]al availability ( !    
communication1 t is condition$ on !     
paym5t ( a fee or on memb]%ip 9 a clos$ 

or re/rict$ class ( recipi5ts4  7b7     
,civil p5alties  7#a7 ,9 g5]al ,a social
 m$ia plat=m t violates subsection 7a7  
%all be subject to a civil p5alty 9 an  
am\nt equal to ! total rev5ue receiv$ by
 ! plat=m = ! prioritiz$ access t gave  
rise to ! violation4  7#b7 ,recov]y ,!  
,attorney ,g5]al may br+ a civil action 
9 an appropriate di/rict c\rt ( ! ,unit$
 ,/ates to recov] a civil p5alty "u     
p>agraph 7#a74