WASHINGTON, Aug. 3 -- Sen. Mark R. Warner issued the following press release:
Today, U.S. Sen. Mark R. Warner (D-VA), a senior member of the Committee on Banking, Housing, and Urban Affairs, introduced the No Preferential Release of Federal Information for Transactions (NO PROFIT) Act, legislation that would make it illegal for social media companies to sell prioritized access to government employees' accounts that communicate material information. Furthermore, this legislation would make it illegal for a person to knowingly trade in securities, commodities, swaps, or prediction market contracts if the person is doing so on the basis of material information obtained through access to a prioritized account. This bill is a direct result of T...