SENATOR VAN TAYLOR FILES THEFT LADDER FOR INSIDER TRADING BY POLITICIANS ACT
AUSTIN, TX - State Senator Van Taylor today filed S.B. 140, the Theft Ladder for Insider Trading of Politicians Act, strengthening the penalty for the offense of insider trading by public servants who misuse their position for monetary gain.
“Those honored with the privilege of representing their community are elected to serve the people not enrich themselves,” stated Taylor. “Politicians who violate the public trust and use their position to access private information for monetary gain should be appropriately punished. Yet current law makes no distinction if a government official uses their position to gain insider information to steal one thousand dollars or one million dollars. This bill applies the same penalty brackets used for theft to the crime insider trading by politicians."
The Theft Ladder for Insider Trading of Politicians Act links penalty severity with the net amount of monetary gain made by use of private information disclosed to public officials as a result of their position.
The penalty created by the bill would make it a third degree felony punishable by two to ten years in prison and a fine not to exceed $10,000, if the gain amounts to less than $100,000; a second degree felony, punishable by two to twenty years in prison and a fine not to exceed $10,000, if the gain is between $100,000 and $200,000; and a first degree felony, punishable by five to ninety-nine years or life in prison and a fine not to exceed $10,000, if the gain is $200,000 or more.
Senator Taylor continued, "The logic of this bill is simple -- the more a corrupt politician or bureaucrat gains from abuse of office, the longer they should sit in a jail cell."
Similar legislation, House Bill 1539 (84R), authored by Representative Morgan Meyer (R-Highland Park), passed the House of Representatives unanimously during the 2015 legislative session. Senator Taylor sponsored the legislation in the Senate.
A seventh generation Texan, local small businessman, and decorated Marine Officer, Van Taylor serves the majority of Collin County and a portion of Dallas County in the Texas Senate where he is widely recognized as a conservative leader. Taylor serves as Vice-Chairman of both the Nominations Committee and the Sunset Advisory Commission. He is also as a member of the Education, Health and Human Services, and Transportation Committees as well as the interim Committee on Property Tax Reform and Relief. Van and his wife, Anne, married after his return from Iraq and are the proud parents of three young girls. Van and his family reside in Plano near the land his great-grandfather farmed during the Great Depression.
Do you like this post?