Thank you Congressman Banks, for your Yea vote on HR 2534.
Additional Note: While the SEC isn’t really known as a sharp toothed paragon of virtue, I question this portion: “The SEC would also have the authority to exempt any person or transaction under this bill at its discretion.” If insider trading is the same as insider trading, regardless of who engages in it, why is there a need for exempting anyone on its face value? Wouldn’t this be a call made by prosecution with the goal of getting a bigger fish?
I support HR 2534, the Insider Trading Prohibition Act. The criminal justice system is one of our most important tools and should be fully used to set the bar for what we as a nation accept and don’t accept as a part of who we are and should reflect the values of our citizens, not non-existent Wall Street or Washington values. YES, of course insider trading should be codified and fully defined as a federal crime, the burden of proof should be decreased, and the penalties should be significantly increased where proven insider trading is related to individuals in elected positions of public trust, including their families and anyone acting as straw buyers or sellers. Penalties should include mandatory federal prison time for any involvement. If the punishment is deliberately harsh and examples are set, the odds of my congressman, your senator, or a cabinet secretary participating in insider trading will noticeably drop.