Ricketts Introduces Senate Companion to Steil’s Stop Insider Trading Act
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) introduced the Stop Insider Trading Actin the Senate. This is companion legislation to Congressman Bryan Steil’s (R-WI-01) bill introduced in the U.S. House of Representatives. The bill prohibits Members of Congress, their spouses, and dependent children from purchasing publicly traded stocks and mandates a seven-day public notice period before any stock sales can be executed. Senators Dave McCormick (R-PA), Jon Husted (R-OH), Deb Fischer (R-NE), Roger Marshall (R-KS), Bill Cassidy (R-LA), Todd Young (R-IN), Steve Daines (R-MT), Cynthia Lummis (R-WY), Kevin Cramer (R-ND), Jim Risch (R-ID), and John Cornyn (R-TX) co-sponsored this resolution.
“No lawmaker should ever profit from insider information. Nebraskans send us to Congress to build a better country. Public service is a privilege, not a profit center,” said Senator Ricketts. “Trust in Congress remains at an all-time low. To fix that, we need to prove we are playing by the same rules as everyone else. In Nebraska, we value a hard day’s work and playing fair. This bill brings Nebraska common sense to the Senate floor to ensure Congress serves the people.”
“I’m grateful to Senator Ricketts for leading the Stop Insider Trading Act in the Senate,” said Chairman Steil. “Our bill ensures no lawmaker is able to profit off of insider information, and I’m confident we will succeed in getting this bill to President Trump’s desk.”
“The American people need to know that their elected officials are working for them, not for their own portfolios. No member of Congress should be able to use information gained through public service for private profit,” said Senator McCormick. “Putting a stop to buying individual stocks in Congress is about restoring trust, ensuring accountability, and making clear that public office is a public responsibility—not a financial opportunity.”
“Public trust in elected officials is essential to our democratic process, and those who sent us here deserve to know Members of Congress are not profiting from the positions they hold,” said Senator Fischer. “The Stop Insider Trading Act ensures Members cannot use insider knowledge for financial gain, and offers a clear, common-sense approach to how Congress regulates itself. I thank Senator Ricketts and House Administration Committee Chairman Steil for their leadership in restoring trust in those who serve.”
“Hardworking Americans expect their leaders to play by the same rules that they do. This is not complicated – members of Congress shouldn’t be trading individual stocks while making decisions that move markets,” said Senator Marshall. “The Stop Insider Trading Act is the right thing to restore trust, and we need to pass it and get it to President Trump’s desk.”
“Members of Congress shouldn’t cash in on information the public doesn’t have. That’s wrong,” said Dr. Cassidy. “Let’s put a stop to it.”
“Members of Congress using information not available to the public in order to profit from buying and selling stocks harms everyday Americans’ trust in government,” said Senator Cornyn. “This legislation will bring greater transparency and accountability to Washington for the American people, and I’m grateful to Senator Ricketts for leading this effort.”
“I’ve heard concerns from many Hoosiers about those serving in Congress unfairly profiting from their positions,” said Senator Young. “I fully support this effort to ensure protections are put in place to ensure that no one in Congress can benefit financially from public service and the trust placed in them by voters.”
The Stop Insider Trading Act will:
- Implement a Total Ban on Buying: Prohibit Members, spouses, and dependent children from purchasing any new stocks in publicly traded companies.
- Mandate Transparency in Selling: Require public notice at least seven days, but no more than 14 days, in advance of any intended sale.
- Enforce Real Consequences: Establish a penalty of $2,000 or 10% of the investment value (whichever is greater), plus the forfeiture of any net gain realized from the sale.
- Calibration: Stop insider trading without preventing successful people from the private sector from serving.
See the full bill text here.