U.S. Senators Jeff Merkley and Amy Klobuchar Thursday introduced a new bill that would ban federal elected officials from trading on prediction markets.
The “End Prediction Market Corruption Act” — announced by press release — would ban the president, vice president and members of congress from trading event contracts, and ban non-elected “senior executive branch officials” from trading on contracts related to their work. The bill is cosponsored by U.S. Senators Chris Van Hollen, Adam Schiff, and Kirsten Gillibrand.
Under the bill, officials who trade on prediction markets could be fined $10,000 for doing so. The attorney general would have the power to bring cases against those who violate the bill in federal court.
