(Congressman Himes' Press Release) WASHINGTON, DC—Congressman Jim Himes (CT-4), a member of the House Financial Services Committee, introduced bipartisan legislation today to establish an explicit statutory ban on insider trading. The Insider Trading Prohibition Act makes it a federal crime to trade a security based on material, nonpublic information that was wrongfully obtained, ending decades of ambiguity for a crime that has never been clearly defined by law. Reps. Steve Womack (R-AR) and Emanuel Cleaver (D-MO) are the lead cosponsors of the legislation. The fairness, integrity and safety of America’s financial markets are severely weakened when corporate insiders and others who wrongfully obtain inside information misuse it, profiting at the expense of other investors and the market as a…
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