“Our founders warned us about creating a class of career politicians who amass personal power instead of fighting for the people they are supposed to represent. Decades of permanent politicians has left us with a $15 trillion debt, and a federal budget and tax code that favors special interests with the highest paid lobbyists," said DeMint.

DeMint also plans to partner with Sen. Pat Toomey (R-Pa.) to attempt to tie an earmark ban to the bill.

“The earmark favor factory was at the root of Washington corruption and wasteful spending for decades. We can’t allow a return to the era of trading earmarks for bribes or bridges to nowhere and teapot museums," said DeMint. “Enacting term limits and banning earmarks are two of the biggest steps we can take to reform Washington to focus on national priorities instead of special interests and personal gain."

The Senate began debate on the legislation Monday, with the House expected to take up its version of the bill later this month. The proposal would prohibit insider trading by members of Congress and reform financial disclosure laws.