Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, stopping and punishing bad actors for illegal insider trading is a top priority for House Republicans. This illegal activity hurts everyday Main Street investors as well as the integrity and efficiency of our markets. Trading on material insider information in breach of fiduciary duty is currently prohibited by court-made law under the antifraud provisions of the Federal securities laws. The Securities and Exchange Commission, the SEC, and the Department of Justice have the power to bring insider trading cases, and both agencies regularly exercise this power. One body of insider trading law that has been developed is through the courts. Decades of judicial precedent are in place to protect investors and markets by punishing bad actors who illegally trade on insider information. Codifying nuanced case law and regulations that have been developed over the decades into a single statute prohibiting insider trading is a serious undertaking, and the gentleman from Connecticut (Mr. Himes) has tackled this challenging task. To be explicitly clear, this legislation's intent is to codify, and neither expand nor contract, insider trading law as it is currently understood and interpreted by the Federal courts. Again, there should not be a single cause of action available under this law that would not otherwise be available to Federal prosecutors or SEC enforcement attorneys under the already existing securities laws.…”