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I want to focus on an issue ive been working on, which is the issue of Insider Trading. It erodes faith in our Capital Markets. It rewards insiders at the expense of often Retail Investors and is a real problem. What our witnesses know well, but the American People may not, is that there is no statutory prohibition on Insider Trading. The s. E. C. Can and does prosecute insider training through their antifraud and antimanipulation authority, but the case law that shapes this Insider Trading law is far from a solid foundation. Decisions can radically alter the landscape of what is unlawful almost overnight. Im a believer that if were going to prosecute someone for a crime we should put the crime into a statute. Im grateful both for the support and cooperation of the commission as well as the support of chairwoman waters and chairwoman maloney as well as the cooperation of the Ranking Member. We continue to work with my colleagues to refine the bill i want to give thoughts on some ideas

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