Subscribe
‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn“We Know Wrongful Trading When We See It” – Some Observations Concerning the Recent Senate Hearing on the ITPA
Earlier this month, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the Insider Trading Prohibition Act (ITPA), which passed the house with bipartisan support in May of last year. Some prominent scholars, like Professor Stephen Bainbridge, have criticized the ITPA as ambiguous in its text and overbroad in its […]
No More Insider Trading in Congress – WSJ
Congress should do the same. During my time at Goldman Sachs, essentially all employees were banned or heavily discouraged from trading single-name stocks in personal accounts. Over the past decade, this has slowly become the norm at Wall Street banks. This wouldn’t be so bad for public officials either. Exchange-traded and index funds offer some […]
Congress moves towards banning members from trading stocks
House Speaker Nancy Pelosi and Democratic leaders have greenlighted a plan to craft legislation that would ban members of Congress from trading stock, CNBC confirmed on Wednesday. At Pelosi’s direction, the House Administration Committee is working on drafting the rules, and the legislation is expected to be put up for a vote this year, likely […]
Ossoff Is Right About Stock Trading Ban for U.S. Lawmakers – Bloomberg
Thanks to ethics legislation that Senator Jon Ossoff is considering, Congress will have to focus more purposefully on one of Washington’s most persistent and egregious financial conflicts: stock trading. The Georgia Democrat will seek to ban trading in individual stocks by federal legislators and family members; he is reportedly looking for a Republican co-sponsor before he […]
Nancy Pelosi thinks that members of Congress should be allowed to trade stocks | Fortune
At a press conference on Wednesday, Speaker of the House Nancy Pelosi said that lawmakers and their spouses shouldn’t be barred from trading stocks. “This is a free market, we are a free market economy, they should be able to participate in that,” Pelosi said. Source: Nancy Pelosi thinks that members of Congress should be […]
Cryptocurrency Chiefs Go to Congress for Landmark Hearing – The New York Times
The chief executives of six cryptocurrency companies will testify on Wednesday before the House Financial Services Committee about the promises, perils and uses of stablecoins, or cryptocurrencies that are pegged to the value of stable assets such as the dollar. They include Brian Brooks, the former acting comptroller of the currency under President Donald J. […]
Warren urges SEC to open insider trading probe into Fed Vice Chair Clarida, others
Sen. Elizabeth Warren on Monday urged the Securities and Exchange Commission to investigate whether three Federal Reserve leaders violated insider trading rules in 2020, when they bought and sold assets as the central bank ramped up efforts to save the U.S. economy from economic turmoil. Warren, who sits on the congressional committee that oversees the […]
Sen. Warren warns of cryptocurrency risks, presses SEC on oversight authority | Reuters
“While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said in a statement. “These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority […]
Blog: Bill to study and amend Rule 10b5-1 introduced in Senate | Cooley LLP – JDSupra
Last week, in a bipartisan move, Senators Chris Van Hollen and Deb Fischer reintroduced the “Promoting Transparent Standards for Corporate Insiders Act.” According to the press release, the legislation is designed to address concerns that some insiders “may be abusing loopholes in this system, which hurts everyday investors and reduces confidence in the integrity of […]
It’s Time for Senators, House Members to Divest Stocks in Individual Publicly Traded Companies
Members of Congress over the years have introduced bills that would prohibit senators, representatives, and their senior staff from owning securities of individual publicly traded companies. Neither the House nor the Senate has passed such a law. As we urged in a letter we sent to House and Senate leadership recently , Congress should do […]