Ricketts Op-Ed: It’s Time to Ban Congressional Insider Trading

The following op-ed by U.S. Senator Pete Ricketts (R-NE) was originally published by the National Review on July 22, 2026.

When the American people send lawmakers to Washington, they expect them to serve their constituents. Sadly, polling confirms that many Americans believe politicians are abusing their positions for personal financial gain.

Over 80 percent of Americans believe members of Congress do a bad job keeping their personal financial interests separate from their work in Congress. As a result, it should come as no surprise that only 15 percent of Americans approve of how Congress handles its job.

Polling doesn't just tell the story. History does, too.

Social media accounts publish routine updates tracking a former speaker's stock trade. Today, mimicking a few lawmakers' trades is a legitimate investment strategy. In 2020, the chairman of the Senate Intelligence Committee sold over $1.5 million in stock just days prior to the pandemic-induced market crash. Stories like these underscore the need to act. Even the perception of self-dealing by lawmakers erodes public trust and can negatively impact voter participation in our democracy.

To be clear, no lawmaker should profit from insider information.

My Stop Insider Trading Act is the solution. President Trump has voiced support for this legislation. Just last week, Vice President Vance told House Republicans we need to pass it.

There are a couple of big reasons why we need to get this bill to the president's desk. First, it 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, they can maintain ownership. However, if members of Congress or their families wish to sell stock, they must publicly disclose those plans seven days in advance. Doing so allows the public - and the market - to get ahead of any news that could impact a stock's price.

Second, my bill carries significant penalties. Any violation would incur a $2,000 fine or a fine that is 10 percent of the transaction - whichever is greater. Additionally, any profit realized by a sale would also be forfeited. Under my bill, if a lawmaker sold $1 million in stock without filing advanced public notice, they would be fined $100,000 - plus forfeit any profits. It's time Congress made this the standard.

The Stop Insider Trading Act is a product of months of detailed conversations and extensive negotiation. Despite negotiating in good faith, some continue to undermine these potential reforms. Their demands are meant to score political points, not serve the American people. That's a tactic that only hinders good legislation.

Others have argued that lawmakers should be forced to divest their portfolios. That would have unintended consequences. Forced divestiture would discourage Americans with successful private sector careers from serving in Congress. If we hope to maintain America's dominance in the global economy, we can't afford to lose that experience and perspective in Washington.

Americans need trust and transparency from Congress. Voters are demanding action. My Stop Insider Trading Act delivers.

Both the House and Senate need to move this bill quickly to the president's desk. It has Democratic support. President Trump and Vice President Vance have voiced their support. America has voiced its support. Congress should capitalize on that momentum.

The Stop Insider Trading Act ensures no lawmaker can profit from insider information. By passing it, we can rebuild Americans' trust in their elected representatives. Democrats had their chance to address this issue when they controlled the House and the Senate. They didn't. Now, Republicans stand ready to deliver.

It's time Congress put real safeguards in place for lawmaker stock trading. I'm committed to getting the job done.