In a promising bipartisan effort, Senators Jon Ossoff, Gary Peters, Josh Hawley, and Jeff Merkley unveiled a legislative proposal on Capitol Hill aimed at banning congressional members from profiting from insider knowledge through stock trading.

The proposed legislation, according to a background bill obtained by NBC News, would prohibit lawmakers from purchasing stocks and other covered investments. Additionally, it would enforce a 90-day restriction on the sale of stocks after the bill is enacted. The ban would also extend to the spouses and dependent children of members, starting in March 2027.

Furthermore, starting in 2027, the legislation would require lawmakers, the president, and the vice president to divest from all covered investments. This move aims to ensure that politicians act solely in the best interest of their constituents, without any conflicts of interest arising from personal stock holdings.

Senator Ossoff has been a vocal proponent of similar legislation since his arrival in the Senate in 2021. To demonstrate his commitment to transparency and accountability, he placed his own stock portfolio into a blind trust last year.

The crucial next step in this proposed legislation will be the Homeland Security and Governmental Affairs Committee's markup, scheduled for July 24. Led by Senator Peters, this committee is expected to review and potentially amend the bill before it progresses further.

Insider trading, where individuals misuse confidential information for personal financial gain, has long been a concern among the public when it comes to elected officials. This bipartisan effort seeks to address these concerns head-on by implementing strict restrictions and holding lawmakers accountable for their financial activities.

If successfully enacted, this congressional stock trading ban could mark a significant milestone in ensuring the integrity of elected officials and safeguarding against potential conflicts of interest.