SEC Official Skeptical of Lawmaker Insider Trading Bill

Law360, New York (December 6, 2011, 2:19 PM EST) -- The U.S. Securities and Exchange Commission's top enforcement official on Tuesday told lawmakers that while he backs renewed efforts to clarify insider trading rules for members of Congress, he has doubts that proposed legislation targeting lawmaker trades is the best solution.

In testimony before the House Financial Services Committee on the Stop Trading on Congressional Knowledge Act, SEC Enforcement Director Robert Khuzami said rather than a bill that would make strict prohibitions on what members of Congress can and cannot do with regards to stock trading,...
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