Thursday, February 9, 2012

House Says: Stock Act on Insider Trading - Yes; Leahy-Cornyn Amendment - No

The House passed the Stock Act which makes members of Congress subject to insider trading scrutiny. With both Senate and House approval (although there are diffferences in the two bills) this is moving in the direction of becoming law. (see Talk Left here).  But the House shot down the "Public Corruption" Amendment to the Stock Act which sought a Skilling and Sun-Diamond fix.  The NACDL Press Release reports in part:

"The amendment had sought to re-write multiple criminal laws in precisely the way the Supreme Court has declared would be unconstitutionally vague and overbroad. See Skilling v. United States, 130 S.Ct. 2896 (2010); United States v. Sun-Diamond Growers of California, 526 U.S. 398 (1999). Importantly, decades of successful prosecutions of corrupt public officials with the over two dozen federal criminal statutes already in existence belies all assertions that the Department of Justice desperately needs more tools in order to prevent public corruption. The “Public Corruption” Amendment, both in its substance and in the manner in which it was piggybacked onto the STOCK Act, provides further compelling evidence of a disturbing and costly overcriminalization trend in Congress." 

"According to NACDL President Lisa Wayne, “There are over 4,450 federal criminal laws on the books and tens of thousands more in the regulations. It’s actions like these – the unconsidered rushing through of harsh criminal law solutions to vague or undefined problems – that got our nation to this terrible place.”

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2012/02/house-says-stock-act-on-insider-trading-yes-leahy-cornyn-amendment-no.html

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Comments

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Posted by: London inventory company | Feb 13, 2012 2:27:44 AM

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Posted by: AML | Feb 14, 2012 1:30:34 PM

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