I support the idea, but I don't think it will make much of a difference because there are bound to be too many loopholes to be effective. I think stock market reform would be more effective - ban calls and puts and other forms of speculation. Speculation invites manipulation and incentivizes unethical actions, especially when paired with power and information. The best, but least realistically possible, thing would be to fix the problems with regulatory capture in the SEC and other oversight and enforcement agencies that are supposed to be punishing politicians.
Options can be used for speculation but they are also frequently used to reduce risk/exposure. Covered calls and married puts are just a couple of such strategies frequently used by retail investors. We shouldn’t ban those tools just to prevent political corruption. We should be enforcing the law when it comes to insider trading and market manipulation much more effectively.