Washington, D.C. – Congresswoman Elise Stefanik voted this week in favor of H.R. 2534 – the Insider Trading Prohibition Act, to prohibit certain securities trading by those who are in possession of material, non-public information. The bill also makes it unlawful for a person who wrongfully obtains such information to communicate that “tip” to another person when that additional person is likely to trade using that information. This legislation ends decades of ambiguity for a crime that has never been clearly defined by law.
“I proudly helped the House pass this important, bipartisan legislation to make it fully illegal for individuals to trade on material, non-public information” said Congresswoman Stefanik. “Insider trading is a crime and should be identified as such, as it is unfair to the American public and harmful to our markets. I will continue to support bipartisan legislation like this that addresses criminal offenses and keeps integrity in our markets.”