Rep. Susie Lee Helps House Pass Bipartisan Insider Trading Prohibition Act

Washington, D.C. – U.S. Rep. Susie Lee (Nev.-03) helped the House of Representatives pass the bipartisan Insider Trading Prohibition Act, H.R. 2534, introduced by Rep. Jim Himes (Conn.-04). For decades, the crime of insider trading has remained ambiguously defined under federal law. This bill would explicitly prohibit and codify illegal insider trading as trading a security based on material, nonpublic information that was wrongfully obtained.

"Insider trading has rigged the system in favor of shady investors and at the expense of hard-working, honest investors," said Rep. Lee. "For decades, these scammers have taken advantage of the fact that insider trading is not clearly defined or strongly enforced. The bipartisan Insider Trading Prohibition Act changes that by making it clear to all would-be fraudsters that Democrats and Republicans in Congress will not turn its back on serious crimes that hurt our economy and working families."

BACKGROUND: In May 2019, the House Financial Services Committee unanimously passed the Insider Trading Prohibition Act, with overwhelming support from both Republicans and Democrats on the committee.

Click here to read the Congressional Budget Office (CBO) report of the Insider Trading Prohibition Act.

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