Senator Marshall Introduces Legislation to Stop Insider Trading

Washington - On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Senator Pete Ricketts (R-Nebraska) in introducing the Stop Insider Trading Act in the Senate. This is companion legislation to Congressman Bryan Steil's (R-Wisconsin-01) bill introduced in the U.S. House of Representatives. The bill prohibits Members of Congress, their spouses, and dependent children from purchasing publicly traded stocks and mandates public notice before any stock sales can be executed.

"Hardworking Americans expect their leaders to play by the same rules that they do. This is not complicated - members of Congress shouldn't be trading individual stocks while making decisions that move markets," said Senator Marshall. "The Stop Insider Trading Act is the right thing to restore trust, and we need to pass it and get it to President Trump's desk."

"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," said Senator Ricketts. "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. In Nebraska, we value a hard day's work and playing fair. This bill brings Nebraska common sense to the Senate floor to ensure Congress serves the people."

The Stop Insider Trading Act will:

• Implement a Total Ban on Buying: Prohibit Members, spouses, and dependent children from purchasing any new stocks in publicly traded companies.
• Mandate Transparency in Selling: Require public notice at least seven days, but no more than 14 days, in advance of any intended sale.
• Enforce Real Consequences: Establish a penalty of $2,000 or 10% of the investment value (whichever is greater), plus the forfeiture of any net gain realized from the sale.
• Calibration: Stop insider trading without preventing successful people from the private sector from serving.

See the full bill text here.

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