[Congressional Record Volume 172, Number 103 (Thursday, June 18, 2026)]
[Senate]
[Pages S2921-S2922]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Insider Trading

  Mr. YOUNG. Mr. President, Americans don't appear to agree on very 
much these days, but there is at least one thing on which the American 
people can agree; it is this thing that brings the American people 
together. Our citizens, no matter their politics, don't trust their 
leaders.
  The list of institutions that Americans have lost faith in is long. 
We know this. We also know that Congress is at the bottom. In fact, 
over 80 percent of Americans disapprove of the job we are doing in this 
building.
  The legislative branch is the foundation of representative 
government. It is urgent, it is essential that we earn the trust of the 
American people back.
  You see, we are charged with putting the interests of our 
constituents over our own interests. We are their voice. And yet many 
of the people we represent believe we are failing to honor that basic 
commitment.
  It is no wonder many are losing faith, losing trust. We are their 
voice. A faith in government has eroded over decades. There are many 
causes. A lot of fingers can be pointed. There is plenty of blame to go 
around.
  And we know that the task of restoring trust is going to be a long-
term project. But I am here today to argue that there is an immediate 
step that we need to take to restore a measure of trust in this 
institution, and it is imminently achievable.
  We can prevent its Members from using their positions of public trust 
to enrich themselves, to enrich their families, by banning stock 
trading among Members of Congress.
  You see, as lawmakers, we write and pass bills that significantly 
impact the market. We do it on a daily basis. We sit on committees of 
jurisdiction that oversee entire sectors of America's economy. We have 
access to briefings and updates on a regular basis that provide 
nonpublic market information.
  There is little to prohibit Members of Congress from using such 
privileged information to guide their personal selection of stocks.
  In fact, in the last two decades, Members have made trades 
conspicuously timed around market-moving events, events shaped by 
information they had access to or legislation that they helped advance. 
Of course, this creates a direct conflict of interest between public 
duty and personal financial interest. And it is also a troubling double 
standard.
  Most people say isn't insider trading a Federal crime for all 
Americans? And it is, but when it comes to Members of Congress trading 
on information gained through public service, enforcement is quite rare 
and very difficult to police.
  So it is no wonder many Americans are convinced that the market is 
rigged for a privileged set of citizens who can manipulate it for their 
gain.
  Now, to be fair, in 2012, Congress made some headway in addressing 
this unfairness. They passed the STOCK Act. This law, get this, 
mandates that lawmakers report stock trades over $1,000 within 30 days 
of the transaction. But the enforcement mechanism and initial fine of a 
mere $200 is virtually toothless.
  So, the underlying problem remains, and it should not. Today, roughly 
200 Members of Congress own shares in publicly traded companies.
  Many of them, most of them, are good people. They are ethical people. 
They came here for all the right reasons, and many have not lost their 
way. And among those 200 Members, many sit on committees that craft 
policy for and conduct oversight on the very industries in which they 
invest.
  In an era of deep partisanship, most Americans--no matter their 
political beliefs, their party, their underlying ideology, the 
geography in which they live, their gender, their age--they see this as 
a problem. How much of a problem?
  Well, according to a survey conducted by the University of Maryland's 
School of Public Policy, 86 percent of our population supports a 
prohibition on congressional stock trading.
  There aren't many issues like this. In a divided America, this could 
unify America. Our Congress could be unified by exercising the will of 
the American people and banning Members of Congress from trading 
stocks.
  What do Republicans say? Mr. President, 87 percent of Republicans 
think this is a problem, think we should ban Members of Congress from 
trading stocks. You go across the country, almost 9 out of 10 
Republicans you talk to will say we should do it.
  And why have we not? What about Democrats? Mr. President, 87--88 
percent, rather, of Democrats, almost 9 out of 10. Independents--81 
percent.
  So, listen, there are two bills that we already have. I don't need to 
draft a new bill. Let's recognize our colleagues' handiwork and get 
something important done.
  Two bills that would accomplish this in the U.S. Senate: The first 
bill, the Stop Insider Trading Act, would just prevent Members of 
Congress, their spouses, and their dependent children from trading 
individual stocks, and it would strengthen disclosure and enforcement 
requirements. And unlike current law, the bill would impose meaningful 
financial penalties for violations. Under this bill, lawmakers who fail 
to comply with the law's mandates would be fined the greater of 
$2,000--probably still not enough but enough maybe to get it passed 
through the Senate; we can increase it later--be fined the greater of 
$2,000 or 10 percent of the investment value, plus the forfeiture of 
any net gain realized from the sale.
  The second bill, the Restore Trust in Congress Act, would prohibit 
Members of Congress from trading individual stock. It would establish 
guidelines for Members to divest existing holdings within a defined 
period. It would also empower congressional ethics offices to enforce 
compliance through meaningful penalties.
  Now, look, there is no easy or quick way to restore complete trust in 
Congress, faith in this essential institution of democratic government. 
But prohibiting Members of Congress from leveraging their positions of 
public trust for personal enrichment would go a long way. I think most 
Americans would acknowledge that it would be a meaningful step toward 
that goal.
  Passing these bills will ensure stock trading comes to an end in 
Congress and help restore trust in us, those who

[[Page S2922]]

serve. I would even call it--as a personal matter, it would be a 
gesture of self-respect for politicians to embrace this reform. It is 
what the people we represent want.
  So I just ask my colleagues: Let us be beyond reproach. Let us avoid 
all appearances of impropriety. Let us not disappoint the American 
people again. It is time to ban Members of Congress from trading stock.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Louisiana.