VIDEO: Ricketts Highlights His “Stop Insider Trading Act”

WASHINGTON, D.C. - Yesterday, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed the Senate introduction of his Stop Insider Trading Act. This legislation would prohibit Members of Congress, their spouses, and dependent children from purchasing publicly traded stocks. It also mandates a seven-day public notice period before any stock sales can be executed on stock they owned when entering Congress. During the press call, Ricketts also addressed the ongoing wildfires causing historic damage to Nebraska.

"Nebraskans deserve elected officials who will put their communities' interests ahead of their own personal interest. Every American deserves this. Insider trading is illegal, period," said Ricketts. "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."

"Legislators or their families trading stocks can shift markets. So, investors imitate politicians' trades because they expect it signals inside information. That's why today I introduced the Stop Insider Trading Act," Ricketts continued. "Representative Bryan Steil of Wisconsin introduced it in the House. Our bill eliminates even the appearance of impropriety by prohibiting Members of Congress, their spouses, and dependent children from buying new stock. If a lawmaker or their family already owns stock as they come into 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 fourteen days in advance."

Watch the video here.

TRANSCRIPT:

Senator Ricketts: "First, I would like to take a moment to extend my prayers to all Nebraskans who have been affected by the historic wildfires.

"Especially the family of Rose Mary White, a loving great-grandmother of 12 who died at her family ranch near Arthur.

"I extend my gratitude and the appreciation of the entire state for our brave first responders.

"Firefighters from across Nebraska, our National Guard, federal firefighters, and neighbors from Iowa are all answering the call to help.

"The fires across Nebraska have burned over 750,000 acres and caused unprecedented damage.

"On Saturday, I joined Governor Pillen and Congressman Adrian Smith on a flyover of the fire lines.

"Crews are tirelessly working to contain and extinguish the flames.

"I encourage Nebraskans to follow the guidance of local authorities. When asked to evacuate, please leave. Staying in harm's way puts your life and firefighters' lives at risk.

"Plan early and be ready to leave when evacuations are ordered.

"If your farm, ranch, or property suffers damage, make sure to document it when it's safe.

"For Nebraskans impacted by the wildfires, the USDA Farm Service Agency Disaster Assistance Program may also be able to help.

"These programs include assistance for livestock, farmland damages, and crop losses.

"It's important to document any damages and report them to your local USDA FSA office to ensure assistance.

"My office and I stand ready to answer questions and help Nebraskans impacted by the fire navigate the process.

"Nebraskans deserve elected officials who will put their communities' interests ahead of their own personal interests.

"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.

"And, of course, we shape the laws and policies that affect every industry in America.

"For example, one lawmaker knew early from briefings that the COVID-19 pandemic would hurt financial markets.

"He sold his stocks early to avoid a loss from a market downturn caused by the pandemic.

"The perception is the same for a legislator's spouse or child.

"Legislators or their families trading stocks can shift markets, so investors imitate politicians' trades because they expect it signals inside information.

"That's why I introduced the Stop Insider Trading Act.

"Representative Bryan Steil of Wisconsin introduced it in the House.

"Our bill eliminates even the appearance of impropriety by prohibiting Members of Congress, their spouses, and dependent children from buying new stock.

"If a lawmaker or their family already owns stock as they come into 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 fourteen 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 incur a $2,000 fine or 10% of the covered transaction, whichever is greater. Additionally, any profit realized by a sale would also be forfeited.

"Under our bill, if a lawmaker sold $1 million in stock without filing advanced public notice, they would be fined $100,000, plus forfeit any profits.

"Nearly 90% 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."The Stop Insider Trading Act ensures no lawmaker can profit from insider information."