Himes’ Insider Trading Prohibition Act ready to go
WASHINGTON, DC—Today, the United States Supreme Court denied certiorari in the case of United States v. Newman . The Court’s decision not to hear the case leaves intact the previous ruling by the Second Circuit Court of appeals. As the law stands, federal regulators and law enforcement attempting to stop insider trading face an overly burdensome standard of proof.
“Today’s denial of cert by the Supreme Court marks the end of the judicial branch’s involvement in this case and we still don’t have a clear and effective law to prohibit insider trading,” said Representative Jim Himes (CT-04), a member of the House Financial Services Committee. “It is now time for Congress to Act. That’s why I’ve introduced HR 1625, the Insider Trading Prohibition Act, a bipartisan bill that simplifies and clarifies insider-trading law so that no one will be able to exploit loopholes to profit off of insider information. This is a necessary fix that Congress should pass immediately.”