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Promoting Transparent Standards for Corporate Insiders Act

Floor Speech

Date: Jan. 28, 2019
Location: Washington, DC
Issues: Finance and Banking Criminal Justice

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Mr. GOODEN. Mr. Speaker, I rise today in support of H.R. 624, the Promoting Transparent Standards for Corporate Insiders Act.

Introduced by Chairwoman Waters and Ranking Member McHenry, this bipartisan bill would require the SEC to update regulatory language to ensure corporate insiders are not able to take advantage of loopholes in the system to engage in illegal insider trading.

The language within the bill overwhelming passed the House last Congress as part of the JOBS Act 3.0.

Simply put, Mr. Speaker, it should be a top priority for financial regulators to ensure clear guidelines and robust enforcement against any illegal activity.

This legislation, along with the SEC's recent guidance, will help us better understand insider trading, serve as a driving force to hold potential bad actors accountable, and further promote good governance among the leaders of our Nation's financial system.

I strongly support this bill and would like to thank Ranking Member McHenry for the time this afternoon.

Mr. Speaker, I also look forward to working with all my colleagues on the Financial Services Committee, and I thank Chairwoman Waters for filing this bill and carrying it forward.

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