Waters Applauds SEC's Adoption of Committee Recommendations to Protect Investors, Strengthen Market Integrity

Press Release

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement in response to the Securities and Exchange Commission's (SEC) December 14, 2022 rule approval and proposals.
"I am pleased that the Securities and Exchange Commission has adopted rules that incorporate the recommendations from my bill, H.R.1528 "Promoting Transparent Standards for Corporate Insiders Act," which passed the House with bipartisan support and requires the SEC to stop company executives and others from hiding insider trading through 10b5-1 trading plans. These plans permit certain employees of publicly traded corporations to sell their shares without violating insider trading prohibitions, but several high-profile examples have suggested that current rules are too lax. Like my bill, the action by the SEC--under the leadership of Chair Gary Gensler--would limit the abuses and misuses of 10b5-1 plans. I look forward to continue working with the SEC to further build on the Committee's efforts to promote transparency and competition, strengthen market integrity and protect investors, as today's other market structure proposals would."

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