,,ii  #aad? ,,congress  #a/ ,session    
,s4 #gjb  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #aa1 #bjae ,mr4   
,re$ 7= himself & ,mr4 ,m55dez7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to /r5g!n ! prohibitions on    
insid] trad+1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,/op ,illegal ,insid] ,trad+ ,act4  #b4 
,/r5g!n+ ! prohibition on insid] trad+  
,section #aj ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #gh;j7 is   
am5d$--  7#a7 9 ! matt] imm$iately      
prec$+ ! flu% text at ! end ( ! section1
 by ins]t+ at ! end ! foll[+3  7d7 7#a7 
7,a7 ,to pur*ase1 sell1 or cause !      
pur*ase or sale ( any security on !     
basis ( mat]ial in=mation t ! p]son kn[s
 or has reason to "k is n publicly      
available4  7,b7 ,to kn[+ly or          
recklessly communicate mat]ial in=mation
 t ! p]son kn[s or has reason to "k is n
 publicly available to any o!r p]son "u 

circum/ances 9 :i* x is reasonably      
=eseeable t su* communication is likely 
to result 9 a violation ( subp>agraph   
7,a74  7#b7 ,= purposes ( ?is           
subsection1 ! t]m n publicly available  
%all n include in=mation t ! p]son has  
indep5d5tly develop$ f publicly         
available s\rces4  7#c7 ,! ,commission  
may1 by rule1 exempt any p]son1         
transaction1 or communication1 or any   
class ( p]sons1 transactions1 or        
communications f ! prohibitions "u ?is  
subsection1 if ! ,commission det]m9es t 
su* exemption is necess>y or appropriate
 9 ! public int]e/ & consi/5t ) !       
protection ( inve/ors4  7#d7 ,no?+ 9 ?is
 subsection %all be con/ru$ to affect   
liability "u subsection 7b74  2 &  7#b7 
9 ! flu% text at ! end ( ! section--    
7,a7 by /rik+ ,rules promulgat$ & ins]t+
 ,subsection 7d7 & rules promulgat$2 &  
7,b7 by ins]t+ or subsection 7d7 aft]   
subsection 7b7 ea* place t t]m appe>s4