insider trading

Bipartisan Duo Proposes Prohibiting House Members From Serving on Public Company Boards
Resolution to amend House rules comes in wake of Chris Collins insider trading

Reps. Tom Reed, R-N.Y., pictured, and Kathleen Rice, D-N.Y., are proposing a change in House rules to prohibit members from serving on boards of publicly-traded companies. (Tom Williams/CQ Roll Call file photo)

A bipartisan New York duo is proposing a change in House rules that would prohibit members from serving on serving on the boards of publicly held companies, the latest fallout from the indictment of Rep. Chris Collins, R-N.Y., for insider trading. 

Collins served on the board of Innate Immunotherapeutics, an Australian biotechnology company, and allegedly shared inside knowledge about Innate’s drug trial results with his son, who then made timely stock trades.