WASHINGTON — U.S. Senator Deb Fischer has joined fellow Nebraska Senator Pete Ricketts in cosponsoring legislation aimed at preventing members of Congress from buying publicly traded stocks.
The proposed Stop Insider Trading Act would prohibit lawmakers, along with their spouses and dependent children, from purchasing new stocks in publicly traded companies. It also requires advance public notice — between seven and 14 days — before any stock sales.
Fischer said the bill is intended to rebuild public confidence in elected officials.
“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,” Fischer said. “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.”
Ricketts emphasized accountability and fairness in government service.
“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,” Ricketts said. “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.”
Under the proposal, violations would carry a penalty of $2,000 or 10 percent of the investment value — whichever is greater — along with forfeiture of any profits gained from the transaction.
The Senate bill is a companion to legislation introduced earlier this year in the House by Bryan Steil.