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Insider Trading Prohibition: New Rules for Fair Financial Markets.

This act introduces clear rules against using confidential information for trading stocks and other financial instruments. It aims to make financial markets fairer and protect ordinary investors from dishonest practices. This means citizens can feel more secure knowing the rules are more equitable.
Key points
Prohibits buying or selling securities if you possess material, nonpublic information obtained wrongfully.
Prohibits wrongfully communicating confidential information to others if you know they might use it for unfair trading.
The act defines what constitutes "wrongful" acquisition of information, such as theft, bribery, or breach of duty.
You don't need to know the exact method of obtaining the information, only that it was wrongfully acquired.
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Status:
Expired
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Additional Information
Print number: 117_S_3990
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2022-04-04
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Insider Trading Prohibition Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3990.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-04.

What are the main provisions?

Key points include:

  • Prohibits buying or selling securities if you possess material, nonpublic information obtained wrongfully.
  • Prohibits wrongfully communicating confidential information to others if you know they might use it for unfair trading.
  • The act defines what constitutes "wrongful" acquisition of information, such as theft, bribery, or breach of duty.
  • You don't need to know the exact method of obtaining the information, only that it was wrongfully acquired.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Courts and Law Economy