Expressing the Sense of the Senate That Ghislaine Maxwell Should Not Be Granted A Presidential Pardon or Any Form of Clemency for Her Crimes with Jeffrey Epstein Relating to the Sexual Exploitation and Abuse of Minors

Floor Speech

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Mr. RICKETTS. Mr. President, integrity--integrity inspires confidence. We have a problem here in the Senate and in the House: 80 percent of Americans believe we do a poor job of keeping our financial interests separate from the insider information that we have. People don't have the confidence in us, and that leads to an approval rating of 15 percent for Congress.

But we can help restore integrity, and therefore confidence-- confidence in the Senate, confidence in the House, confidence in our institutions. We can do that with a bill that I have introduced called the Stop Insider Trading Act.

Now, it is well known that Members of this body and the House have bought individual stocks. In fact, we have seen that people will post on social media the stock trades of the former Speaker of the House and trade off of her trades. In fact, as crazy as it sounds, that has become a legitimate investment strategy because it makes money. And that undermines the confidence people have in our institutions.

We have disclosure laws, which is how people can see those trades and make them. But it is not enough for the integrity of the institution. We need to make the rules stronger. We need to stop people from being able to buy individual stocks in the Senate and in the House.

We need my Stop Insider Trading Act because that is exactly what it does. It says that, if you get elected to the House of Representatives or the U.S. Senate, you can no longer buy stock. Trading on insider information will become impossible because you won't be able to make that purchase.

Now, we also want to make sure that if, say, you come from a successful business, we don't want to penalize you. We are not going to force you to sell your stock of your company. But we are going to say that you have to give notice, 7 days at least, to let people know if you are going to sell any positions you own. Remember, you can't buy any more. But if you have some already and you want to sell them, you have to give 7 days' notice.

And that will address the issue of, for example, when we had a member of the Intelligence Committee sell about a million and a half dollars' worth of stock right before the COVID pandemic selloff of the stock market.

Even the perception of impropriety undermines the integrity, and therefore the confidence the people have. So let's stop it altogether. Let's ban people's ability to use insider information to buy stocks and make sure, if they are going to sell any, that they have got to tell everybody well in advance so that Americans and the market can know.

My bill also has real teeth in it. It is a $2,000 fine or 10 percent of the proceeds. Let's say you sell a million dollars in stock, and you didn't tell the market ahead of time, like you were supposed to. You didn't follow that 7-day rule. It is a $100,000 penalty--a 10-percent penalty. So either $2,000 or 10 percent, whichever is bigger, plus you have to give up all your profits. That is a penalty with teeth that will get the attention of Members here on Capitol Hill.

It is time that we restore the integrity and the confidence in this body when it comes to inside information. We, because of our position, have access to this, but we should not benefit from it. This is supposed to be public service. No one should come here seeking a profit.

And yet, on Monday night, some of my colleagues tried to pass a unanimous consent, passing the Stop Insider Trader Act that the House of Representatives passed, and Democrats blocked it. Democrats blocked my Stop Insider Trading Act, which would have helped restore confidence in this body.

It is time that we got the Democrats on board, that we get this passed. It passed in the House with Democrat support. And 13 Democrats and 2 Democratic cosponsors are on the Stop Insider Trading Act in the House, which the House was able to pass. They have sent it here for the U.S. Senate--for us--to do our job.

I call on my Democratic colleagues--my colleagues across the aisle: Please, get on board. We need to restore faith in the institution. A 15-percent approval rating is terrible. We need to restore the integrity. We need to restore the confidence.

My Stop Insider Trading Act does just that. I encourage all of my colleagues to get on board this commonsense proposal to be able to restore integrity and confidence in the U.S. Senate and prevent insider trading from getting between us and the American people.

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