Political Quotes

“I rise with my friend and colleague from Arkansas to acknowledge the work that has been put in by our colleague from Connecticut. This has been a long discussion that we have had various points where we have debated, and this is a positive thing. Mr. Speaker, as you know, preventing fraud and abuse within our financial system and cracking down on bad actors for illegal insider trading is a nonpartisan priority. We all believe that this is a good thing. In fact, this kind of fraud and illegal activity hurts everyday Main Street investors. It also makes our capital markets less efficient, accurate, and fair to all investors. Now, current law prohibits trading on material insider information in breach of a fiduciary duty under the antifraud provisions of the Federal securities laws. Let me just repeat that. Current law prohibits those activities. The Securities and Exchange Commission and the Department of Justice are the Federal agencies tasked with enforcing insider trading laws. Both agencies regularly use their authority to bring insider trading cases against these bad actors who violate our insider trading laws. However, the bill we are discussing here today, H.R. 2655, is flawed and could potentially create even more confusion and uncertainty within the law of insider trading. It could expand liability for good-faith traders, which would weaken investor confidence, chill vital information-gathering, and hurt the efficiency of our markets.…”