2014-06-20T235904Z_2_LYNXMPEA5J136_RTROPTP_2_SEC-INVESTIGATIONS

House committee ordered to hearing as SEC probes insider trading

To match Special Report SEC/INVESTIGATIONSBy Nate Raymond, Jonathan Stempel and Sarah N. Lynch NEW YORK/WASHINGTON (Reuters) – A U.S. judge on Friday directed the House Ways and Means Committee and a staffer to appear at a July 1 hearing to address their alleged refusal to respond to U.S. Securities and Exchange Commission subpoenas as part of an insider trading probe. The order by U.S. District Judge Paul Gardephe in New York covers both the committee and Brian Sutter, staff director for its healthcare subcommittee, and came at the SEC’s request. The SEC said it is examining whether material nonpublic information concerning an April 1, 2013 announcement by the Centers for Medicare and Medicaid Services of 2014 reimbursement rates for a Medicare program was leaked improperly, and whether anyone traded on that information. The case could prompt a courtroom showdown between the SEC’s authority to enforce U.S. securities laws against Congress’ power to manage its own affairs.

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