Bill Would Expand Definition Of Insider Trading

Law360, New York (March 28, 2006, 12:00 AM EST) -- Legislation preventing lawmakers from trading securities based on information gleaned in Congress is taking shape on Capitol Hill, spawned by recent high-profile allegations of insider trading against top Republicans.

The bill, introduced Tuesday, would ban trading based on nonpublic information and require lawmakers and their top aides to disclose stock trades within 30 days. If the bill passes, it would change the long-held view of what constitutes misuse of nonpublic information.

“The bill would actually expand the definition of insider trading,” said Edward Gartenberg, an attorney...
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