{"database": "press", "table": "releases", "rows": [["https://www.vanhollen.senate.gov/news/press-releases/van-hollen-sherman-introduce-bicameral-legislation-to-eliminate-corporate-insiders-unfair-advantage-in-stock-sales", "Van Hollen, Sherman Introduce Bicameral Legislation to Eliminate Corporate Insiders\u2019 Unfair Advantage in Stock Sales", "2024-09-23", "2024", "2024-09", "Democrat", "Senate", "MD", "Chris Van Hollen", "V000128", "www.vanhollen.senate.gov", "vanhollen", "https://www.vanhollen.senate.gov/news/press-releases", "scraper", "U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congressman Brad Sherman (D-Calif.), a member of the House Financial Services Committee, have reintroduced the 8-K Trading Gap Act. This bicameral legislation prevents executives and other corporate insiders, including foreign issuers, from profiting off the gap between the occurrence of a significant event \u2013 such as bankruptcy or an acquisition \u2013 and its legally-mandated disclosure to the Securities and Exchange Commission (SEC) and the general public. Under current law, companies have four days to file the 8-K disclosure form with the SEC, but they are not barred from trading in advance of the filing \u2013 giving them an unfair advantage. The 8-K Trading Gap Act would close this gap by requiring the SEC to write a rule to prohibit insiders from making trades during this four-day period.\n\n\u201cThe 8-K trading gap gives corporate executives a major loophole to cash in on their stocks when major changes are about to hit \u2013 before shareholders and the public are made aware. With the 8-K trading gap, insiders get a several-day head start to make lucrative financial moves prior to a major stock price-altering announcement. Our legislation will close this harmful loophole to prevent insiders from benefitting from this unfair advantage while ensuring a fairer market for the public,\u201d said Senator Van Hollen.\n\n\u201cThe integrity of our capital markets rely on transparency and equal access to information and trading opportunities for all market participants,\u201d said Congressman Brad Sherman. \u201cAs Ranking Member of the Subcommittee on Capital Markets, investor protection is at the forefront of my priorities. Our capital markets remain the envy of the world because Congress passed laws to make them transparent and fair. This bill is a vital step toward safeguarding our markets and ensuring that everyone plays by the same set of rules.\u201d\n\nThis legislation has been endorsed by the Healthy Markets Association.", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:43:57Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.vanhollen.senate.gov/news/press-releases/van-hollen-sherman-introduce-bicameral-legislation-to-eliminate-corporate-insiders-unfair-advantage-in-stock-sales"], "units": {}, "query_ms": 1.8431469798088074, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}