EXCLUSIVE — Ricketts introduced the Stop Insider Trading Act, which would ban lawmakers from trading stocks.
The bill Ricketts will introduce on Wednesday is companion legislation to the bill Rep. Bryan Steil introduced in the Rand Paul tears into Markwayne Mullin for remarks on his past assault: 'Tell it to my face'MAJOR HOUSING BAN CLEARS SENATE AND NOW FACES CONFLICT WITHIN HOUSE GOP Such a ban is overwhelmingly popular with voters and has been floated for years, but some hope that Trump’s support will breathe new life into the effort.
“No lawmaker should ever profit from insider information,” 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.” The legislation, the Stop Insider Trading Act, specifically would implement a total ban on members, spouses, and dependent children from purchasing publicly traded stocks, and would require public notice of at least seven days, but no more than 14 days, for a lawmaker, spouse, or dependent child to sell a stock. The bill also includes enforcement actions. It establishes a penalty of either $2,000 or 10% of the investment value of the stock, whichever number is greater, in addition to the seizure of any net gain from the sale of that stock. The House version of the bill, introduced by Steil, already has over 90 co-sponsors, including two Democrats — Reps. Josh Riley and Ed Case . “I’m grateful to Senator Ricketts for leading the Stop Insider Trading Act in the Senate,” Steil said. “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.” As of the Senate bill’s introduction on Wednesday, it has five co-sponsors — Sens. Dave McCormick , Jon Husted , Deb Fischer , Roger Marshall , and Bill Cassidy .“They stood up for that. I can’t believe, I can’t believe it. Did Nancy Pelosi stand up, if she is here? Pass the Stop Insider Trading Act without delay,” the president said.
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