Congressional Insider Trading Cases No Slam Dunk: SEC

Law360, New York (December 1, 2011, 9:11 PM EST) -- Constitutional privileges granted to members of Congress could make it more difficult for lawmakers to be prosecuted for insider trading compared to others, the U.S. Securities and Exchange Commission's enforcement chief said in prepared testimony at a Senate hearing Thursday.

Lawmakers and their staff aren't exempt from federal securities laws, which include bans on insider trading, according to SEC Director of Enforcement Robert Khuzami. However, the speech and debate clause of the U.S. Constitution protecting members of Congress from prosecutions that threaten the legislative process could...
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