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House Passes Financial Services Bill to Explicitly Ban Insider Trading

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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