Rep. Steil Introduces Bill to Prevent Congress from Trading on Prediction Markets

A new bill introduced in committee by U.S. Rep. Bryan Steil, R-Wisconsin, which would ban members of Congress as well as their spouses and dependent children from placing a wager on a prediction market on topics that the lawmaker may have inside information on.

The ban would cover wagers on the occurrence, nonoccurrence or the extent of the occurrence of specific government policies and actions. In addition, in would ban trading on a political outcome or any other event which came to the attention of a covered individual as a direct or indirect result of the lawmaker's service in Congress.

"The American people deserve to know their Member of Congress is not profiting off insider information," Steil said. "This legislation is critical to restoring the public's trust in their elected officials. Lawmakers should be writing policy, not wagering on its outcome."

The bill fines members the greater of $2,000 or the 10 percent of the amount of money earned in trading on the prediction markets.