Himes calls for passage of insider trading legislation

Congress should do its job and not leave clarification to the courts

Washington, DC—Congressman Jim Himes (D4) released the following statement following the Obama Administration’s call on the Supreme Court to clarify the law around insider trading:

“Everyone from the Administration to the federal judiciary recognizes that the laws around insider trading are not well defined and are in desperate need of clarification. The recent ruling by the U.S. Court of Appeals for the Second Circuit's decision in United States v. Newman has further muddied the waters. What’s crystal clear is that it’s Congress’s duty to act and create statutory language that will take us out of this legal limbo. I have introduced bipartisan legislation that explicitly defines insider trading and will help ensure that bad actors are held accountable, protect legitimate investors and strengthen confidence and safety in our markets. This isn’t partisan. It isn’t political. It’s simply about having clear, enforceable laws governing our very complex financial markets.”