Today on the Hill: House Seeks to Codify Ban on Insider Trading

House lawmakers are eyeing passage of a Financial Services measure that seeks to fortify a ban on insider trading. Offered by Rep. Jim Himes (D-CT), the Insider Trading Prohibition Act would amend the Securities Exchange Act to codify a prohibition of certain securities trading and related communications by those who are aware of material, nonpublic information. In a compromise with GOP lawmakers, Democrats agreed to tweak the language of the bill to echo the Securities and Exchange Commission’s (SEC) existing rules on insider trading — a move that Republicans contend will boost bipartisan support for H.R. 2354.

In the upper chamber, Senators will resume consideration of pending presidential nominations. This includes confirmation votes on the nominations of Richard Myers to be a District Judge for the Eastern District of North Carolina, and Sherri Lydon to be a District Judge for the District of South Carolina.