LANSING, Mich. — Today Sen. Steve Bieda (D–Warren) introduced a resolution to urge Congress to strengthen laws on insider trading.

Senate Concurrent Resolution 24, which has received support from both Senate Democrats and Republicans, is in response to an increase in insider trading allegations across the country. The resolution would urge Congress to update and strengthen insider trading laws that have been viewed as too weak to effectively prosecute white-collar financial crimes, and would ultimately create a level playing field for all Americans, and benefit the economy.

“The American Dream is available to everyone through hard work and determination,” Sen. Bieda said. “Rampant insider trading rigs the game against those trying to better their lives by allowing insiders to use secret information and make money off the backs of honest hardworking citizens.”

In 2016, the U.S. Securities and Exchange Commission filed 868 enforcement actions exposing financial misconduct, including charges filed against 78 parties involving insider trading.

“With our weak insider trading laws, financial crimes that are blatantly clear have become near impossible to investigate and prosecute,” Sen. Bieda said. “White-collar investors should not get a free pass to break the law, while everyone else has to play by the rules.”

Upon passage, copies of the resolution will be transmitted to the President of the United States, the Speaker of the United States House of Representatives, and the members of the Michigan congressional delegation.

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