Sen. Ricketts asks Senate for unanimous vote on the Stop Insider Trading Act

LINCOLN, Neb. (KLKN) — Sen. Pete Ricketts asked the Senate for unanimous consent to pass the Stop Insider Trading Act.

The Stop Insider Trading Act would ban lawmakers, their spouses and children from buying new individual stocks in publicly traded companies.

Ricketts said the American people don’t trust lawmakers with this topic.

“Clearly Americans are not trusting this institution on this issue,” said Ricketts. “We have an opportunity to course correct. To help restore the integrity and therefore the confidence that Americans have in the U.S. Congress. And that’s by passing H.R. 7008, that includes the Stop Insider Trading Act.”

For existing investments, it requires lawmakers disclose to the public at least seven and no more than 14 days before selling.

The penalties if not followed would be a fine of at least $2,000 or 10% of the value of the investment, whichever one is greater.

On July 22, the House passed the Stop Insider Trading Act in a 232-198 vote. Now, it must get passed by the Senate in order to move forward.