End Prediction Market Corruption Act

This bill would bar the President, the Vice President, and Members of Congress from buying, selling, or trading event contracts, which are bets or contracts based on whether something happens. Senior executive branch officials could not trade event contracts on matters they personally and substantially work on. The Attorney General could sue violators for a civil penalty of up to $10,000 per violation or the profit made, whichever is greater. Foreign boards of trade would have to report banned trades to the Commodity Futures Trading Commission each quarter or risk losing their registration, and the Commission would have to write a rule restricting insider trading in event contracts. Certain federal officials would also have to disclose event contract trades by themselves, their spouses, and dependent children in financial reports, including within 45 days of a trade.

Full text and official record on Congress.gov

Sponsors

• Jeff Merkley Democrat sponsor
• 4 cosponsors