Pete Ricketts Pushes Senate Vote on Insider Trading Ban After Democrats Object
Sen. Pete Ricketts asked the Senate to pass the Stop Insider Trading Act by unanimous consent, putting new pressure on Congress to act on a long-running public trust issue involving lawmakers and stock trades.
The Nebraska Republican said the bill is aimed at restoring confidence in Congress. KLKN reported that Ricketts argued Americans do not trust the institution on the issue and said Congress has a chance to correct course.
The legislation would prohibit members of Congress, their spouses and dependent children from buying new stocks in publicly traded companies. Bill text also requires public notice at least seven days and no more than 14 days before certain sales. Penalties would include at least 2,000 dollars or 10 percent of the transaction value, whichever is greater, plus any net gain tied to the covered investment.
Ricketts’ office said Senate Democrats objected to the unanimous consent request. That means the measure did not move by the fastest possible path and would need another route through the Senate.
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The House passed H.R. 7008 on July 22 by a 232 to 198 vote. The House Administration Committee said the final version was combined with voter ID requirements, a move that sharpened the partisan fight.
That pairing is now central to the dispute. AP reported that Democrats objected to the voter ID provision and a presidential exemption, while Republicans framed the package as action on a highly visible ethics concern ahead of the midterms.
Social reaction reflects the same split. Ricketts and Rep. Bryan Steil promoted the bill as an accountability measure, while online criticism focused on whether the House package mixed a popular stock trading ban with unrelated election rules.
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