Amending the Rules of the House of Representatives to prohibit Members of the House from entering into certain agreements, contracts, or transactions with respect to prediction markets.
Banning House Members from Betting on Prediction Markets
This bill is currently in the early stages of the legislative process and has been sent to three different House committees for review. No further actions or votes have been scheduled at this time. It is considered active but is not currently moving forward.
Legislative Progress
While there is public support for ethics reform, many bills targeting congressional financial activities struggle to get a full vote in the House.
Key Points
- This resolution changes the House of Representatives rules to stop members and their staff from using prediction markets. These are websites where people bet money on the outcome of future events, like who will win an election or if a law will pass.
- The ban applies to all House members, delegates, and employees. It prevents them from buying or selling contracts that pay out based on whether a specific event happens or does not happen.
- The goal is to prevent conflicts of interest. Since lawmakers often have inside information or the power to influence events, betting on those events could be seen as unfair or corrupt.
- The rule does not apply to regular insurance policies. It also includes a statement saying that the executive branch and the court system should create similar rules for their own employees.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the Committee on Ethics, and in addition to the Committees on the Judiciary, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Submitted in House
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
Amending the Rules of the House of Representatives to prohibit Members of the House from entering into certain agreements, contracts, or transactions with respect to prediction markets.
Data Sources
Sponsor
Cosponsors
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