A bipartisan group of senators unveiled legislation Wednesday that they said would bar members of Congress and other elected officials from trading stocks while in office.

Sen. Gary Peters (D-Mich.), chair of the Homeland Security and Governmental Affairs Committee, said his panel would take the “historic step” of considering the measure at a July 24 markup.

“Americans deserve to have confidence that their federal elected officials are making decisions that are in the best interest of the American public and not in the interest of any personal finances,” Peters said at a press conference Wednesday.

Under the legislation, members would be “immediately” banned from trading stocks if the bill is signed by the president, while spouses and children of elected officials would be barred beginning in March 2027, according to Sen. Jeff Merkley (D-Ore.).

Sen. Josh Hawley (R-Mo.) said Peters worked hard to create legislation “that will be tough, that will close the loopholes, that will close the avenues of avoidance, that will impose real penalties.”

The Missouri Republican said he was unsure at this point whether enough members would support the measure on the floor to ensure its passage.

They were joined in unveiling the measure by Sen. Jon Ossoff (D-Ga.).

CORRECTION: A previous version of this report inaccurately quoted Sen. Josh Hawley. The senator said Peters worked hard to create legislation “that will be tough, that will close the loopholes, that will close the avenues of avoidance, that will impose real penalties.”

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