Restrictions that lawmakers would face under a bill intended to stop insider stock trading on Capitol Hill should also apply to prediction markets, Rep. Bryan Steil (R-WI) signaled on Thursday.
“In my conversations with members and just the broad public, I don’t think anyone believes that members of Congress should be making trades on elections or making trades on public policy,” he said.
The bill, known as H.R. 7008, would completely ban lawmakers, spouses, and dependents from purchasing publicly traded stocks, and require them to file "intent to sell" notices disclosed publicly at least seven days before sales occur. Violators face fees equal to $2,000 or 10% of the investment’s value—whichever is greater—plus the forfeiture of any realized gains.
The bill has sat idle since it cleared committee hurdles in February and was added to the chamber's calendar, making it eligible for debate and a vote before the Senate gets a chance to weigh in. Steil reportedly said he’s hopeful the House could vote on the bill this summer.
