Dec. 7 - The House Financial Services Committee hears testimony from SEC enforcement chief Robert Khuzami as it considers adopting tougher market trading rules for members of Congress.
US politicians launch a hearing on a deal to X sixteen and members of congress from insider trading. The legislation. NASA's stopped trading on congressional knowledge actual stock has been floundering in congress passed by the and it's. Recent expands days of it'll make his appearance -- inside information to make profits from -- our investments. Have put the bill. Under the spotlight democratic congresswoman -- my coffee and damage inside trading sent the bill couldn't -- political witch hunts. You know of obviously most likely we are gonna do something but hopefully we're gonna do something that's correct. On my personal belief is that. This becomes a witch hunt and the majority of members here are not out to make a quick buck and. Securities and Exchange Commission says members of congress are already subject insider trading analyst and currently but enforcement director -- that -- -- -- -- -- never -- the -- to go often don't make me. In the light of existing insider trading legal precedent any statutory changes in this area should be carefully calibrated to ensure that they do not narrow current law. And thereby make it more difficult to bring future insider trading actions against individuals outside of congress. Republican congressman Jim or not he questioned why regulators went to -- singles already on the books but every member of this congress today is required to report. Every stock transaction -- -- thousand dollars or more already. On an annual report so they're there already reporting that so the question I would happens. If there where is that going if if I remember is reporting that they've been reporting it. It's for the last whatever Tony years thirty years what you don't want that information. Critics say there is evidence that members of congress have advantages at the other invest is greatly out performing stock market. The chairman of the house committees and -- Backus was one of them will make his singled out. As CBS television Paul claimed he traded on privileged information Chara in the financial meltdown here. He did not report and says he'll push the legislation ahead. Consideration. Eric -- artists.