Rep. Bryan Steil (R-Wis.), who chairs the House Administration Committee, unveiled the Stop Lawmakers from Predicting Act, saying it is meant to keep elected officials from cashing in on information they have access to before the public does.
"The American people deserve to know their Member of Congress is not profiting off insider information. The Stop Lawmakers from Predicting Act ensures that cannot happen," said Chairman Steil, in a statement. "This legislation is critical to restoring the public's trust in their elected officials. Lawmakers should be writing policy, not wagering on its outcome."
Under the measure, violators would owe a penalty of $2,000 or 10% of the wager's value, whichever is greater, plus any profit realized from the bet. Lawmakers could not use official office funds, taxpayer-funded allowances or campaign donations to cover the fines, and those who leave office without paying could be referred to the Justice Department for civil enforcement.
Steil's office said the legislation builds on the Stop Insider Trading Act, which the committee advanced in January.
The bill follows growing bipartisan unease in Washington over lawmakers and government officials using platforms such as Kalshi and Polymarket to bet on political events, including their own races.
