Sen. Merkley Introduces the End Prediction Market Corruption Act to Ban Officials From Betting on Events

From policy text

“No covered individual may purchase, sell, or otherwise exchange an event contract.”

From policy text

“No senior executive branch official may purchase, sell, or otherwise exchange an event contract the subject of which is a matter in which the senior executive branch official participates personally and substantially as a Government officer or employee”

From policy text

“the individual shall be subject to a civil penalty of not more than the greater of-- ``(i) $10,000 for each violation; and ``(ii) the amount of profit made through the purchase, sale, or exchange of the event contract in violation of paragraph (2).”

From policy text

“Not later than 30 days after receiving notification of any event contract transaction required to be reported under section 13104(a)(9), but in no case later than 45 days after such event contract transaction, a covered reporting individual shall file a report of the transaction”

From policy text

“The Commission shall issue a rule to restrict the inappropriate use of material nonpublic information, in breach of an express or implied duty not to use or disclose such material nonpublic information, as a means of making a profit through the purchase, sale, or other exchange of an event contract”