New law bans insider trading and closes ways to get around it.
S. 5320 — Insider Trading Prohibition Act · Filed by Jack Reed (D-RI) · 4 cosponsors · Introduced Aug 6, 2026 · Referred to committee
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What it does
The bill makes insider trading a clear federal crime. People cannot trade stocks or bonds when they know secret information they got wrongfully. They also cannot tell others this secret information. The law covers information stolen, bought through bribes, or lied about. It covers information taken through computer crimes or broken promises. The SEC can say which trades are okay.
Who it affects
Traders, companies, and regular people who buy stocks. The law makes it harder for people with secret information to trade unfairly.
One thing to notice
The law puts insider-trading rules into a real statute instead of relying on SEC rules. This makes the rules harder to get around in court.
From the analysis of the bill text, linked under Primary records below.
Where it stands
4 cosponsors: 4 Democrats.
- Aug 6, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Aug 6, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- insider trading — Buying or selling stocks using secret information not known to the public.
- SEC — The government agency that makes sure stock markets are fair and honest.
- statute — A law passed by Congress and written down in the legal code.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (5,586 characters) on Aug 20, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,707 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-23.
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