Proposed amendment would bar lawmakers and families from trading on election and policy outcomes under H.R. 7008.
A Republican lawmaker plans to amend a congressional stock ban bill to include prediction markets such as Polymarket and Kalshi. The move targets platforms where users bet on elections and public policy outcomes, addressing concerns over potential insider trading by lawmakers.
The bill, H.R. 7008, already prohibits members of Congress, their spouses, and dependents from purchasing publicly traded stocks. Violations carry fines of $2,000 or 10% of the investment’s value, whichever is greater, plus forfeiture of gains. The amendment follows broader federal scrutiny of prediction markets.
Rep. Bryan Steil (R-WI) stated that public opinion supports banning lawmakers from trading on such platforms. The bill requires advance disclosure of stock sales and has been under consideration since February.