Rep. Steil introduces bill barring lawmakers from policy prediction market bets
The proposal would extend conflict-of-interest limits to prediction markets, covering members of Congress, their spouses and dependent children while allowing wagers unrelated to official duties.
Rep. Bryan Steil, the Wisconsin Republican who chairs the House Administration Committee, has introduced legislation that would bar members of Congress, their spouses and dependent children from betting on prediction markets tied to government policy, legislation or political outcomes. The proposal reflects growing concern that lawmakers could use nonpublic or classified information gained through their roles to profit from event contracts on platforms such as Kalshi and Polymarket. The bill would still allow participation in prediction market activity unrelated to official duties, including sports. It builds on a broader congressional effort to tighten ethics rules around financial activity, including stock trading, and includes penalties that must be paid personally rather than with campaign funds or office accounts, with civil enforcement available after a member leaves office.
- prediction markets: Platforms where users trade or bet on the likelihood of future events.
- event contracts: Tradable positions that pay out based on whether a specific outcome occurs.
- classified information: Nonpublic government information restricted for national security or other official reasons.