A bipartisan group of US senators has struck a deal that would see a ban on stock trading by active members of Congress.

Lawmakers from both chambers have repeatedly come under fire for making beneficial stock trades based on information they gained access to in briefings. Under any other circumstance, such behavior would be prosecuted as insider trading, but Congress was exempt.

A bipartisan group of senators—Gary Peters, Jeff Merkley, Josh Hawley, and Jon Ossoff—appears to be making headway toward banning the controversial practice. The legislation is build on Merkley’s ETHICS Act and would “ban Members of Congress, their spouses, and their dependents from holding, buying, or selling stocks.” The ETHICS Act ban would also apply to the President and Vice President. Elected officials, spouses, and dependents would have to divest themselves of covered assets beginning in 2027.

“The public should be confident that federal elected officials are making decisions that are in the best interests of the American people, not their own personal finances,” said Senator Peters. “I appreciate the leadership from Senators Merkley, Hawley and Ossoff on this important issue, and I’m grateful to them for working closely with me to draft this bipartisan, commonsense agreement that strengthens accountability for the public and prevents bad actors from taking advantage of their positions for their personal financial gain. I’m committed to advancing this bill through my committee and sending it one step closer to becoming law to rebuild trust in government and give Americans peace of mind that Congress is always working on their behalf.”

“Members of Congress are elected to serve the public—not their stock portfolios. And no member should be thinking about their personal gain when voting on bills or writing legislation,” said Senator Merkley, the ETHICS Act lead sponsor. “The ETHICS Act ends these flagrant conflicts of interest by banning stock trading by lawmakers and their families. In a huge step forward, this bill will be marked up and receive bipartisan support in committee. The whole Senate should pass this bill and do so soon.”

“Congress should not be here to make a buck, Congress should be here to serve the people. There is no reason why members of Congress ought to be profiting off of the information that only they get and the rest of the American people don’t get,” said Senator Hawley. “This bill takes a giant step forward and I’m proud of the fact that it’s going to be voted on in Senator Peters’ committee.”

“Three years ago, I introduced landmark legislation to ban stock trading by Members of Congress. Today, after helping lead years of intensive bipartisan negotiations, I can report progress toward this necessary reform,” Senator Ossoff said. “Georgians overwhelmingly agree: Members of Congress should not be playing the stock market while we make Federal policy and have extraordinary access to confidential information. We still have a long way to go to pass this bill, but today’s bipartisan announcement is a major step forward.”

If the measure passes, it would close a loophole that many have felt should never have existed.