Rep. Chip Roy Regarding His Vote On H.R. 2534 - Insider Trading Prohibition Act
Rep. Chip Roy released the following statement Thursday afternoon regarding his vote on H.R. 2534 - Insider Trading Prohibition Act:
Today, I voted against legislation regarding insider trading laws because it accomplishes very little, yet in what it does do, it is troublingly vague to the point of being constitutionally questionable and empowers the SEC to exempt companies from insider training.
I also voted to support Rep. Huizenga’s amendment that would have contained the scope of this bill’s expanded reach. This amendment would ensure prosecution of those who actually use wrongful information to gain a profit, a much better standard than the on adopted.