Committee Advances Bill Banning Lawmakers From Political Betting Markets
The measure would bar lawmakers and their families from markets tied to elections or government actions and set penalties for violations.
- On Wednesday, the House Administration Committee advanced the Stop Lawmakers from Predicting Act, which bars lawmakers, their spouses, and dependent children from wagering on election outcomes or government decisions.
- This move follows growing scrutiny of prediction markets and mirrors a Senate rule adopted earlier this year that unanimously banned senators and staff from participating in any event contracts.
- House Administration Committee Chairman Rep. Bryan Steil, R-Wis., stated the bill aims to restore public trust, imposing fines of $2,000 or 10 percent of the transaction value on violators.
- Ranking member Rep. Joe Morelle, D-N.Y., opposed the measure, arguing it is "so filled with loopholes that it looks more like a sieve than a bill" compared to the Senate's broader approach.
- The legislation now moves to the full House for consideration, where lawmakers must decide whether to pursue this narrower Republican-backed proposal or seek stricter bans similar to the Senate's.
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Trump Walks OUT with a 424-0 House Vote
House Republicans have advanced legislation that would prohibit members of Congress and their immediate families from trading on prediction markets tied to elections and government actions. The House Administration Committee voted along party lines Wednesday to approve the bill, sending it to the full House for consideration. The legislation, introduced by House Administration Committee Chairman Rep. Bryan Steil, would bar lawmakers, their spous…
House panel advances partial prediction market ban
As concerns grow over insider trading on prediction markets, a House panel advanced a bill Wednesday that would curb how lawmakers can use them. House Administration Chair Bryan Steil, R-Wis., described his proposal as a narrow but important “step in restoring public trust.” With the midterm elections approaching, congressional approval ratings are hovering near record lows, and both parties are eager to clean up that image. But Democrats on the…
House Republicans Advance Bill to Ban Lawmakers From Political Prediction Markets
A Republican-led House committee has moved forward with legislation that would prevent members of Congress and their immediate family members from participating in certain political prediction markets, adding momentum to ongoing efforts in Washington to address ethical concerns surrounding these platforms. The proposal, approved by Republican members of the House Administration Committee, seeks to prohibit lawmakers, their spouses and dependent …
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