Fischer Votes for Ricketts’ Stop Insider Trading Act

Bill includes SAVE America Act provision requiring photo ID to vote

WASHINGTON - Today, U.S. Senator Deb Fischer (R-NE) voted for the Stop Insider Trading Act, introduced by Senator Pete Ricketts (R-NE) and cosponsored by Fischer, to prohibit Members of Congress from purchasing publicly traded stocks. It also includes a provision of the SAVE America Act requiring photo identification to vote.

"Senator Ricketts has tackled insider trading to rebuild public trust and make sure Congress plays by the rules," Fischer said. "I was proud to cosponsor and vote for this bill. Chuck Schumer, meanwhile, rallied Senate Democrats against it despite claiming to oppose insider trading and support photo ID to vote. It's disappointing Senate Democrats refused to support this commonsense bill."

The Stop Insider Trading Act prohibits Members, their spouses, and their dependent children from purchasing any new stocks in publicly traded companies. It also requires public notice at least seven days, but no more than 14 days, in advance of any sell.

The bill establishes a penalty of $2,000 or 10 percent of the investment value, whichever is greater, as well as the forfeiture of any net gain realized from any sale.

The Stop Insider Trading Act was introduced in March of this year and is companion legislation to House Administration Committee Chairman Bryan Steil's legislation introduced in the House of Representatives in January of this year.

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