WASHINGTON – Today, U.S. Senator Deb Fischer (R-NE) cosponsored Senator Pete Ricketts’ (R-NE) Stop Insider Trading Act to prohibit Members of Congress from purchasing publicly traded stocks. Senators Dave McCormick (R-PA), Jon Husted (R-OH), 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) also joined in cosponsoring the legislation.
“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 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.”
“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 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.”
This legislation prohibits Members, their spouses, and their dependent children from purchasing any new stocks in publicly traded companies. It also requires public notice at least seven days, but no more than 14 days, in advance of any sell.
The bill establishes a penalty of $2,000 or 10 percent of the investment value, whichever is greater, as well as the forfeiture of any net gain realized from any sale.
The Stop Insider Trading Act introduced in the Senate today is companion legislation to House Administration Committee Chairman Bryan Steil’s legislation introduced in the House of Representatives in January of this year.
See full bill text here.
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