Political Quotes

“Madam Chair, I thank the gentlewoman for yielding. I rise, delighted today by our consideration of H.R. 2534, the Insider Trading Prohibition Act, because, after years of work, we are going to produce a bipartisan product which actually does address a significant challenge in insider trading law, and that is, in general, that, to date, there has existed, remarkably, no specific statutory prohibition on insider trading. I am a believer, as I know everyone else in this Chamber is, that, if we are going to create criminal or civil liability, the legislators of the Congress of the United States should make specific how and when and under what circumstances we do so. And that is what we are doing today, I am delighted to report, in bipartisan fashion. But let me back up for a second, for those who don't sit on the committee or watch this particular space all that closely, just to explain why this is important. Insider trading is an activity in which somebody who has information that they have been entrusted with, or for which they have paid or come by in some dishonest fashion, uses it to secure a market advantage. They have information that others don't. They trade on that information. That allows them to get a material gain.…”