house Resolution No.24
Rep. Camilleri offered the following resolution:
Whereas, A fair, transparent, and efficient stock market is necessary to our economy. The stock market is important to entrepreneurship, the ability to raise capital, and economic growth; and
Whereas, When unscrupulous individuals and organizations try to distort the stock market for personal gain and engage in other underhanded or illegal schemes, they hurt people and the economy. For many years, abuses of the market through complicated and confusing machinations have grown. Corrupt and unethical parties have sought to enrich themselves at the expense of everyday Americans' pocketbooks, retirement savings, and financial condition; and
Whereas, The federal government must be a bulwark to prevent, combat, and end abuses of the stock market and in equity trading. Federal regulators need to root out all illegal and improper activity. Congress needs to implement a statutory system that guarantees a well-functioning stock market; now, therefore, be it
Resolved by the House of Representatives, That we urge the U.S. Congress, the U.S. Securities and Exchange Commission, and other federal financial regulators to investigate the management of hedge funds, insider trading, market manipulation, the exploitation of customer data, and methods of stock market trading, including software applications and online brokers, associated fees, taxes required for trading, and any restrictions imposed on trading; and be it further
Resolved, That copies of this resolution be transmitted to the President of the United States Senate, the Speaker of the United States House of Representatives, the members of the Michigan congressional delegation, the United States Secretary of the Treasury, and the commissioners of the United States Securities and Exchange Commission.