Sen. Dean Heller, R-Nev., has co-sponsored the bill designed to prevent members of Congress from using information gained through their office to make financial gains.
The legislation was introduced by Sen. Scott Brown, R-Mass., and is titled Stop Trading on Congressional Knowledge (STOCK).
"I have long said that members of Congress should follow the same rules as every other American," Heller said.
"No American can trade on insider information without risk of prosecution and Congress should be held to the same standard."
He said elected officials should not use non-public information they get because of their office for personal benefit.
"This legislation is a step in the right direction toward ensuring a more ethical Congress," he said.