Political Quotes

“Madam Speaker, I yield myself such time as I may consume. I rise in support of H.R. 4335, the 8-K Trading Gap Act of 2019. Madam Speaker, I thank my friend, the gentlewoman from New York, Congresswoman Maloney, and her staff for her efforts on this bill and for working with Republicans to make this a bipartisan bill. Madam Speaker, we all agree that fraud and abuse, such as illegal insider trading, have no place in our financial system. Bad actors damage the integrity, efficiency, and effectiveness of our markets, which in turn hurts everyday investors. {time} 1700 When significant corporation events occur, such as the appointment of a new chief financial officer, public companies must disclose these events to shareholders and to the public on form 8-K. This form must be filed within 4 business days of that significant event. It is reasonable to believe that company insiders may have knowledge of the event or material, nonpublic information days before that same information is disclosed to the general public and shareholders. Most companies and their executives strive to operate within the law. Trading within that period is clearly illegal. However, there is no SEC rule that explicitly prohibits insiders from buying or selling company stock during this 4-business-day gap, which starts at the time the event occurred and ends with the filing of form 8-K in which information about the event is then disclosed to the public. Simply put, that is what this measure does.…”