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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions members such as John Peter Ricketts.
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextSA 6428. Mr. RICKETTS (for himself, Mrs. Fischer, Mr. Marshall, Mr. Young, Mr. Sullivan, Ms. Lummis, Mrs. Britt, and Mr. Grassley) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. STOP INSIDER TRADING ACT.
(a) Short Title.—This section may be cited as the “Stop
Insider Trading Act”.
(b) Restrictions on Covered Investments.—
(1) Table of contents.—The table of contents for chapter
131 of title 5, United States Code, is amended by adding at
the end the following:
“subchapter iv—restrictions on covered investments
(2) Restrictions.—Chapter 131 of title 5, United States
Code, is amended by adding at the end the following:
“SUBCHAPTER IV—RESTRICTIONS ON COVERED INVESTMENTS
“Sec. 13151. Definitions
“In this subchapter:
“(1) Covered individual.—The term `covered individual'
means any of the following:
“(A) A Member of Congress, as defined in section 13101.
“(B) A dependent child (as defined in section 13101) or a
spouse of a Member of Congress.
“(2) Covered investment.—
“(A) In general.—The term `covered investment' means—
“(i) a security issued by a publicly traded company; or
“(ii) any derivative, option, warrant, swap, or other
instrument that provides economic exposure to, or the value
of which is determined by reference to, a security described
in clause (i).
“(B) Exclusion.—The term `covered investment' does not
include—
“(i) an excepted investment fund (as described in section
13104(f)(8));
“(ii) any other fund that would be an excepted investment
fund but for the fact that the fund does not meet the
diversification requirement solely because the fund is
concentrated in—
“(I) the United States; or
“(II) the State, territory, or District of residence of
the covered individual who owns the fund;
“(iii) an interest in a small business concern, as defined
in section 3 of the Small Business Act (15 U.S.C. 632); or
“(iv) any investment held in a trust if—
“(I) no covered individual has any authority, directly or
indirectly, to direct, veto, or materially influence any
specific investment decisions of the trust, including any
right to approve, disapprove, or require particular
purchases, sales, or investment strategies; and
“(II) the trustee of the trust is not the spouse, child,
parent, or sibling of a Member of Congress.
“(3) Publicly traded company.—The term `publicly traded
company' means an issuer that has a class of securities
registered under section 12 of the Securities Exchange Act of
1934 (15 U.S.C. 78l).
“(4) Security.—The term `security' has the meaning given
the term in section 3(a) of the Securities Exchange Act of
1934 (15 U.S.C. 78c(a)).
“(5) Supervising ethics office.—The term `supervising
ethics office' has the meaning given the term in section
“Sec. 13152. Restrictions on covered investments
“(a) Conduct During Federal Service.—Except as described
in subsection (c), no covered individual may purchase a
covered investment.
“(b) Advanced Notice Requirement.—
“(1) In general.—No covered individual may sell a covered
investment, unless a notice of intent to sell the covered
investment is made by the relevant Member of Congress, on
behalf of the Member of Congress or the spouse or dependent
child of the Member of Congress, as applicable, and publicly
disclosed at least 7 calendar days, and not more than 14
calendar days, prior to the sale in accordance with the
requirements of this subsection.
“(2) Contents of notice.—The notice under paragraph (1)
shall include the following:
“(A) The projected date of sale of a covered investment.
“(B) A description of such sale.
“(C) The number of shares in such sale.
“(3) Withdrawal.—The notice under paragraph (1) shall be
withdrawn by the Member of Congress who filed it, prior to
the close of the expiration of the notice, if the covered
individual to whom the notice applies determines not to sell
the covered investment.
“(4) Filing.—A Member of Congress shall file the notice
under paragraph (1) for each intended sale by the Member of
Congress, or the spouse or dependent child of the Member of
Congress, with—
“(A) the Clerk of the House of Representatives, in the
case of a Representative in Congress, a Delegate to Congress,
or the Resident Commissioner from Puerto Rico; or
“(B) the Secretary of the Senate, in the case of a
Senator.
“(5) Publication.—The notice under paragraph (1) and the
withdrawal under paragraph (3) shall, upon receipt, be made
publicly available on a website controlled by the Clerk of
the House of Representatives or the Secretary of the Senate,
as applicable.
“(c) Exceptions.—
“(1) Occupation.—The requirements of subsections (a) and
(b) shall not apply to a spouse or dependent child of a
Member of Congress with respect to a transaction in a covered
investment which is—
“(A) on behalf, or for the benefit, of any person other
than a covered individual; or
“(B) made as a part of compensation from an employer of
such individual or in furtherance of any fiduciary or
occupational obligations of such individual.
“(2) Other.—The requirements of subsection (a) shall not
apply to a covered individual with respect to a transaction
in a covered investment made for the purpose of reinvesting
dividends received from such covered investment.
“Sec. 13153. Enforcement
“(a) In General.—Any covered individual who violates the
restrictions under section 13152 with respect to a covered
investment, shall, at the direction of the supervising ethics
office—
“(1) incur a fee, as calculated under subsection (b), to
be paid by the Member of Congress who—
“(A) caused the violation; or
“(B) is the spouse or parent of the covered individual who
caused the violation; and
“(2) in the case of a purchase of a covered investment, be
required to sell the covered investment purchased in
violation of section 13152(a).
“(b) Calculation of Fees.—The fee required under
subsection (a)(1) shall be equal to the sum of—
“(1) $2,000 or 10 percent of the value of the transaction
in the covered investment that violates section 13152,
whichever is greater; and
“(2) the net gain realized, if any, from the covered
investment during the period beginning on the most recent
date on which the individual became a covered individual and
ending on the date of disposition of the covered investment,
as determined by the supervising ethics office.
“(c) Payment Restrictions.—A Member of Congress may not
pay any of the fees under this section by using amounts from
the following sources:
“(1) If the covered individual is a Senator, the Senators'
Official Personnel and Office Expense Account.
“(2) If the covered individual is a Member of the House of
Representatives, the Members' Representational Allowance.
“(3) Any contribution (as defined in section 301 of the
Federal Election Campaign Act of 1971 (52 U.S.C. 30101))
accepted as a candidate (as defined in that section), and any
other donation received as support for activities of the
covered individual as a holder of Federal office (as defined
in that section).
“(d) Miscellaneous Receipts.—Any amounts collected in
fees authorized by this section shall be deposited in the
general fund of the Treasury as miscellaneous receipts in
accordance with section 3302(b) of title 31.
“(e) Referral.—Upon the assessment of a fee under this
section, the supervising ethics office may refer a Member of
Congress to the Attorney General in the same manner and to
the same extent as a violation under section 13106 if such
Member of Congress resigns or retires before paying such
assessed fee.
“(f) Interpretative Guidance.—Each supervising ethics
office may issue interpretative guidance relating to this
subchapter and, in issuing such guidance, may consider
mitigating or aggravating circumstances.”.
(3) Effective date.—The amendments made by this subsection
shall take effect on the date that is 180 days after the date
of enactment of this Act.