PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 18, 2026
Stop Insider Trading Act
This bill generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.
Specifically, Members of Congress and the spouses and dependent children of Members may not purchase covered investments. Between 7 and 14 days before a Member or a covered spouse or dependent sells a covered investment, the relevant Member must file a public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate, as appropriate. The Clerk or Secretary must publish this notice online. If the individual decides not to sell the investment, the notice must be withdrawn.
Showing the opening paragraphs of the official summary.
Under the bill, a covered investment is a security issued by a publicly traded company or a related instrument (e.g., a derivative). Some investments are exempt, including interest in a widely held investment fund and certain investments held in a trust.
Violations of these provisions are subject to a fee and, in the case of a purchase, a requirement to sell the covered investment. The fee equals the sum of (1) the greater of $2,000 or 10% of the transaction value, and (2) any net gain from the transaction during a specified period. The fee may not be paid using campaign donations or Members’ official allowances.
Certain transactions by covered spouses and dependents are exempt, including transactions made on behalf of another person or made as part of compensation from the individual’s employer.
People & committees
Sen. Ricketts, Pete [R-NE] · R–NE
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Introduced in Senate
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Oct 2, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in Senate · 2026-03-18 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
As introduced in the Senate on March 18, 2026, this bill would bar members of Congress, their spouses and dependent children from buying stocks and other company-issued investments, or financial contracts tied to them, in publicly traded companies starting 180 days after enactment. Members would have to publicly announce their own and those family members’ sales of these investments 7–14 calendar days beforehand. The rules would exclude certain investment funds, ownership interests in qualifying small businesses, and investments held in trusts—arrangements where someone manages assets for others—if the member and covered family members cannot influence specific investment decisions and the manager is not the member’s spouse, child, parent or sibling. Exceptions would allow purchases that reinvest dividend payments and exempt spouses’ and dependent children’s transactions for people outside the covered group, as employer compensation, or to fulfill work duties or duties to manage someone else’s assets. Violations would require the member to pay the greater of $2,000 or 10% of the transaction’s value, plus any net gain calculated under the bill, and investments bought in violation would have to be sold.
2026-03-18: Introduced in Senate
(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.
(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).
(a) Conduct during Federal service Except as described in subsection (c), no covered individual may purchase a covered investment.
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.
(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.
(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.
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) Effective date The amendments made by this Act shall take effect on the date that is 180 days after the date of enactment of this Act.
Covered investments would include securities issued by publicly traded companies and instruments whose exposure or value is tied to those securities.
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).
The proposal defines publicly traded companies by registration under section 12 of the Securities Exchange Act of 1934 and uses that law's definition of a security.
(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)).
The restrictions would exclude legally defined excepted investment funds. They would also exclude otherwise qualifying funds that fail the diversification requirement solely because they concentrate in the United States or the owner's State, territory or District of residence.
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;
Interests in small businesses, as defined in the Small Business Act, would be excluded from covered investments.
The term covered investment does not include—
(iii) an interest in a small business concern, as defined in section 3 of the Small Business Act (15 U.S.C. 632);
Trust investments would be excluded if no covered person has authority, directly or indirectly, to direct, veto or materially influence specific investment decisions, and the trustee is not a Member's spouse, child, parent or sibling.
The term covered investment does not include—
(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.
Covered people would be prohibited from purchasing covered investments, except for the specified exceptions.
(a) Conduct during Federal service Except as described in subsection (c), no covered individual may purchase a covered investment.
Subject to the specified exceptions, before a covered sale, the Member would have to provide notice for themselves or their spouse or dependent child. Public disclosure would have to occur between 7 and 14 calendar days before the sale.
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.
(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.
Sale notices would state the projected sale date, describe the sale and give the number of shares. The Member would have to withdraw the notice before it expires if the person decides not to sell.
(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.
Members would file notices with the House Clerk or Senate Secretary, as applicable. Notices and withdrawals would be posted on that official's website upon receipt.
(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.
Spouses and dependent children would be exempt from both the purchase ban and sale-notice requirement for transactions on behalf of or benefiting someone outside the covered group, employer compensation transactions, or transactions furthering fiduciary or occupational obligations.
(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.
Covered people would receive an exception to the purchase ban for transactions made to reinvest dividends received from a covered investment. This exception would not waive the sale-notice requirement.
(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.
Violations would trigger a fee at the direction of the supervising ethics office. The Member would pay for their own violation or a violation by their spouse or dependent child.
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;
A person who purchased a covered investment in violation of the ban would also have to sell it.
(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).
The fee would equal the greater of $2,000 or 10 percent of the violating transaction's value, plus any realized net gain. The ethics office would determine that gain over the period from when the person most recently became covered through disposal of the investment.
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.
The proposal would prohibit paying fees from the Senators' Official Personnel and Office Expense Account when the covered individual is a Senator, or the Members’ Representational Allowance when the covered individual is a House Member. Those conditions do not expressly address violations by spouses or dependent children. It would also prohibit payment from the specified candidate contributions and donations supporting the covered individual's activities as a federal officeholder.
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).
Collected fees would go into the Treasury's general fund as 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.
If a Member resigned or retired before paying an assessed fee, the ethics office could refer the Member to the Attorney General in the same manner and to the same extent as a violation under section 13106. That referenced section is not supplied, so the full referral procedures and scope cannot be determined here.
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.
Each supervising ethics office could issue interpretative guidance and consider mitigating or aggravating circumstances when doing so.
Each supervising ethics office may issue interpretative guidance relating to this subchapter and, in issuing such guidance, may consider mitigating or aggravating circumstances.
The amendments would take effect 180 days after enactment.
The amendments made by this Act shall take effect on the date that is 180 days after the date of enactment of this Act.
The supplied October 2, 2026 source snapshot records introduction in the Senate, two readings and referral to the Committee on Homeland Security and Governmental Affairs on March 18, 2026.
Source snapshot updated 2026-10-02T11:03:21Z. 2026-03-18: Read twice and referred to the Committee on Homeland Security and Governmental Affairs. 2026-03-18: Introduced in Senate
A closer look
Reviewed version: Introduced in Senate · 2026-03-18. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The supplied text contains specific exceptions and investment exclusions that warrant scrutiny as targeted relief from the proposed restrictions. Classification does not establish improper purpose.
Spouses and dependent children would receive an exception from both trading requirements for transactions on behalf of or benefiting noncovered people, employer compensation, and fiduciary or occupational obligations. This gives qualifying family transactions treatment unavailable under this exception to Members themselves.
(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.
Covered owners of otherwise qualifying funds concentrated in the United States or their State, territory or District of residence would receive an exclusion despite those funds failing the diversification requirement solely for that reason. The referenced excepted-investment-fund provision is not supplied, so the full qualifying criteria cannot be determined here.
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;
Covered people investing in legally defined small businesses would receive a categorical exclusion for those interests from the proposed covered-investment restrictions. The referenced small-business definition is not supplied, so the full scope of qualifying interests cannot be determined here.
The term covered investment does not include—
(iii) an interest in a small business concern, as defined in section 3 of the Small Business Act (15 U.S.C. 632);
Covered holders receiving dividends would receive a specific exception to the purchase ban for transactions made to reinvest dividends received from a covered investment.
(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.
Covered people holding investments through a qualifying trust would receive an exclusion from the proposed covered-investment restrictions. It requires that no covered individual have direct or indirect authority to direct, veto or materially influence specific trust investment decisions, and that the trustee not be a Member's spouse, child, parent or sibling. This gives investments meeting both trust conditions special treatment under the bill's main policy.
The term covered investment does not include—
(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.
Full text preserved for this analysis. Legislative record snapshot: Oct 2, 2026. How PlainBill uses AI