Senator Ricketts Introduces “Stop Insider Trading Act”

By Gordon Hopkins U.S. Senator Pete Ricketts (R-NE) introduced the Stop Insider Trading Act in the Senate on Wednesday, March 18, 2026. It is companion legislation to Congressman Bryan Steil’s (R-WI) bill introduced in the U.S. House of Representatives.The bill is intended to prohibit 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. At a press conference that same day, Ricketts discussed why he felt such a law is needed, “Nebraskans deserve elected officials who will put their community's interests ahead of their own personal. Every American deserves this. Insider trading is illegal, period. Members of Congress aren't above the law, but we need to do more to restore Americans trust in Congress. Too many Americans think that their legislators come to Washington to make their wallets fat because of the public trust granted to elected officials. It can be necessary for Congress to know privileged information. Members occasionally are informed about public companies' actions. Early members are given a heads up on regulatory changes. Many members sit on committees that regularly handle classified information. Of course, we shape the laws and policies that affect every industry in America.” Ricketts explained how his proposal would work, “If a lawmaker or their family already owns stock, if they come to Congress, they can keep it. However, if members of Congress or their family wish to sell stock, they must publicly disclose those plans seven to 14 days in advance. Doing so allows the public, the market and anybody else to get the news of the upcoming sales. Our bill also carries significant penalties. Any violation would include a $2,000 fine or 10 percent of the covered transaction, whichever is greater. Additionally, any profit realized by sale would also be forfeited under our bill. If a lawmaker sold a million dollars in stock without filing advanced public notice, they would be fined $100,000 plus the profits.”Among the supporters of the bill is U.S. Senator Deb Fischer. “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.”Ricketts said, “Nearly 90 percent of Americans believe that we should not allow insider trading. It's time for Congress to make this the standard. Nebraskans deserve to know their elected officials aren't profiting from insider information. So do all Americans.” Senator Ricketts noted Steil’s bill, “Passed through the House with 93 co-sponsors and a bipartisan support.”

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