Congressional Securities Trading

Harvard Law School Forum on Corporate Governance and Financial Regulation, April 2020

3 Pages Posted: 5 May 2020

See all articles by Gregory H. Shill

Gregory H. Shill

University of Iowa College of Law; University of Iowa College of Engineering, National Advanced Driving Simulator

Multiple version iconThere are 2 versions of this paper

Date Written: April 23, 2020

Abstract

This piece expands upon the argument made in Gregory H. Shill, Congressional Securities Trading, 96 Indiana Law Journal __ (forthcoming). Using trades executed by two Senators during the COVID-19 pandemic as a springboard, it proposes a taxonomy of congressional securities trading more generally, situates the Senators’ conduct within it, and develops a novel, comprehensive prescription to manage it. In particular, it urges a primarily regulatory rather than litigation and enforcement approach for managing securities trading by Members of Congress. To develop this, it proposes adaptations from the model in use for public company insiders.

The paper this post is based on can be found at: https://ssrn.com/abstract=3570314

Keywords: securities regulation, pandemic, COVID-19, coronavirus, insider trading, congressional insider trading, Rule 10b-5, 10b5-1, short-swing profits rule, Section 16, Regulation Fair Disclosure, STOCK Act, Kelly Loeffler, Richard Burr, pandemic trading

JEL Classification: K00, K10, K20, K22

Suggested Citation

Shill, Gregory H., Congressional Securities Trading (April 23, 2020). Harvard Law School Forum on Corporate Governance and Financial Regulation, April 2020, Available at SSRN: https://ssrn.com/abstract=3592918

Gregory H. Shill (Contact Author)

University of Iowa College of Law ( email )

Boyd Law Building
Iowa City, IA 52242
United States

University of Iowa College of Engineering, National Advanced Driving Simulator

2401 Oakdale Blvd.
Iowa City, IA 52242
United States

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