A bill was introduced to define insider trading.
In an effort to clarify muddy issues surrounding insider trading law, two senior members of the Senate Banking Committee introduced a bill to define it as misuse of important non-public information for securities trading. The bill would make it illegal to receive or pass on inside information for use in securities trading even if the individual does not use it in stock market trading. Senators Donald W. Riegle Jr. (D-Mich.) and Alphonse M. D’Amato (R-N.Y.) said their legislation would clear up existing law and make it easier to prosecute insider trading cases.
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