Speaker Brian Bosma, R-Indianapolis, says the bill aims to maximize transparency in the General Assembly and bolster public trust.
The legislature last updated ethics laws for government employees about a decade ago.
The proposed code prohibits representatives from advocating in matters where they have a direct personal or financial interest.
Lawmakers are responding to ethics scandals of the past year by enacting reforms along two tracks.
The legislation is aimed at providing more transparency in both the legislative and executive branches of state government.
Common Cause Indiana held a panel discussion on ethics at the statehouse Friday.
Leaders of all four legislative caucuses say it's an issue that rises above political party lines.
The Indiana House Ethics Committee Wednesday cleared Republican Representative Eric Turner of any technical wrongdoing.
The Ethics Committee heard allegations today that Rep. Eric Turner improperly lobbied against a nursing home moratorium.
Two groups are filing a complaint against the Indiana State Board of Pharmacy claiming its president has a conflict of interest with Walgreens.