Press Releases

House Passes Financial Services Bill to Explicitly Ban Insider Trading

Washington, DC, December 5, 2019

Today, the U.S. House of Representatives passed H.R. 2534, the Insider Trading Prohibition Act, a bill to create the nation’s first statute explicitly banning insider trading. H.R. 2534 creates a clear definition of illegal insider trading under securities laws so that there is a codified, consistent standard for courts and participants in financial markets, and to better protect the hard-earned savings of millions of Americans.

This legislation was introduced by Congressman Jim Himes (D-CT). It passed by a vote of 410-13.

In May, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, convened a full Committee markup of H.R. 2534 and six other bills. H.R. 2534 was passed out of Committee by a voice vote.

H.R. 2534 is supported by institutional investors, state securities regulators, pension funds and investor advocates, including: the Council of Institutional Investors, California State Teachers’ Retirement System (CalSTRS), the North American Securities Administrators Association, Healthy Markets, and Public Citizen.



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