U.S. Sen. Pete Ricketts is renewing his push to ban members of Congress from buying individual stocks, saying the practice undermines public trust in government. During a weekly call with reporters on Wednesday, Ricketts promoted his Stop Insider Trading Act, which would prohibit members of Congress, their spouses and dependent children from purchasing new stocks.
“When Nebraskans send lawmakers to Washington, they expect them to serve our communities,” Ricketts said. “The polling confirms that many Americans believe politicians are abusing their positions for personal financial gain.”
Current holdings could be kept, but lawmakers would have to publicly disclose plans to sell stock at least seven days in advance. The proposal also includes financial penalties for violations and would require forfeiture of any profits from undisclosed sales.
Ricketts said he would prefer the legislation move through Congress as a standalone bill, arguing it would have a better chance of winning bipartisan support in the Senate. Ricketts also talked about his support for legislation addressing birthright citizenship.
Ricketts argued Congress has the authority to pass laws aimed at preventing what he described as abuse of birth tourism, though he acknowledged he did not have specific evidence available during the call and said his office would provide additional information later.
On foreign policy, Ricketts defended continued pressure on Iran despite higher gasoline prices, saying preventing Iran from obtaining a nuclear weapon remains a national security priority. He also said the U.S. should continue investing in military readiness to deter threats from China, Russia, North Korea and Iran.