A U.S. House of Representatives panel said on Friday it should not have to comply with a federal regulator's demand for documents sought for an insider-trading probe involving the staff director of a subcommittee and a lobbyist.
The House Ways and Means Committee argued in a court filing that U.S. District Judge Paul Gardephe in New York should deny the Securities and Exchange Commission's attempt to subpoena documents from the committee and its healthcare subcommittee staff director Brian Sutter.
The SEC went to court June 20 to enforce subpoenas it issued as it sought information related to a probe into whether Sutter leaked material nonpublic information about Medicare reimbursement rates to Mark Hayes, a lobbyist at Greenberg Traurig LLP.
The committee's filing called the SEC subpoena "a remarkable fishing expedition for congressional records." It said the U.S. Constitution shields the panel and Sutter from being compelled to testify or produce documents.
A request for comment from the SEC was not immediately returned.
TVNL Comment: How much more evidence do you need to understand that corporate America OWNS the Congress? .
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