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House spreads intent language urging federal action on securities; debate over legal effect
Summary
The Utah House voted to spread intent language in the House Journal calling on the federal delegation and regulators to address so-called 'naked short selling' and to preserve Utahs authority to investigate securities fraud; the motion passed 46-27 after floor debate over whether such language can bind future legislatures.
Representative Tilton moved to spread intent language in the House Journal urging Utahs federal delegation and the Securities and Exchange Commission to address naked short selling and to preserve state authority to investigate fraudulent securities activity. Tilton said the goal was to "preserve our Utah companies" and called on the federal…
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