Tag: Leahy-Cornyn Amendment

House Passes STOCK Act on Insider Trading

The House today passed its version of the Stock Act, S. 2038, the "Stop Trading on Congressional Knowledge Act of 2012.") Groups like CREW are misguided in complaining that it does not include the Leahy-Cornyn amendment (S. 1483.) It's a good thing that the Leahy-Cornyn Amendment was dropped. It should stay out of the bill when the Senate-House Conference meets.

The Amendment was presented as one that closed loopholes but it is more than that. As the National Association of Criminal Defense Lawyers (NACDL) wrote in letters to Congress, the Amendment adds a host of unnecessary crimes and increased penalties and effectively overrules two recent Supreme Court decisions. [More...]

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