The full House passed Monday three bipartisan financial services bills — legislation to curb insider trading and two bills intended to fight the use of digital currencies to fund terrorism and drug trafficking.
The Promoting Transparent Standards for Corporate Insiders Act, H.R. 624, introduced by House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and ranking member Patrick McHenry, R-N.C., requires the Securities and Exchange Commission to amend Rule 10b5-1 to ensure corporate insiders are unable to indirectly engage in illegal insider trading through changes to their trading plans.
McHenry said on the House Floor that H.R. 624 protects “mom and pop investors from the harmful effects of illegal insider trading and helps the SEC better understand how to prevent illicit activity.”
H.R. 56, the Financial Technology Protection Act, would “strengthen and expand efforts to deter terrorist and illicit abuses of financial technology through interagency coordination and research, and through collaboration with private institutions and citizens.”