PRIA Logo™
119-hr-10732119th CongressWALLET

No Betting on Your Own Race Act

Sponsored By: Representative Davis, Donald G. [D-NC-1]

Introduced

Summary

Bans candidates from trading on their own election outcomes. This bill would add a new provision to the Federal Election Campaign Act that forbids candidates from buying, selling, or holding financial contracts that pay out based on their own electoral results and sets penalties and enforcement rules.

Show full summary
  • Candidates and families: Would bar candidates, the candidate's spouse, dependent children, and authorized campaign committees from acquiring or disposing of covered election contracts tied to that candidate. Violations carry civil penalties of $10,000 per violation or three times any net financial gain, whichever is greater.
  • Trading platforms and intermediaries: Gives registered platforms, designated contract markets, brokers, and similar intermediaries legal protection when they act in good faith to restrict accounts, unwind positions, or report suspected violations. Those actions are shielded from liability under federal or state law.
  • Election oversight and enforcement: Requires the Federal Election Commission to publish a free, machine-readable list of every candidate, updated at least weekly, and to coordinate with state and territorial election boards to notify candidates about the prohibitions when they file.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 1 costs, 1 mixed.

Free public list of candidates

If enacted, the bill would require the Federal Election Commission to publish a free, machine-readable list of every Federal candidate. The list would include each candidate’s name, any FEC identifier, the office sought, and the dates they became and, if applicable, ceased to be a candidate. The FEC would update the list at least weekly. The FEC would also coordinate with state and territorial election boards to notify candidates of these new prohibitions and requirements when they file.

Trading ban for candidates and families

If enacted, the bill would bar a candidate, the candidate’s spouse or dependent child, and the candidate’s authorized committee from buying, selling, or holding any contract tied to that candidate’s election or candidacy. Covered contracts include instruments that pay out based on the candidate’s election outcome, candidacy status, vote share, margin, or placement. A violation would carry a civil fine of $10,000 per violation or three times the net financial gain attributable to the violation, whichever is greater. The bill would allow someone to hold or dispose of an interest that becomes covered during the platform’s minimum divestment period starting when the person becomes a candidate, and it would apply to conduct on or after enactment.

Good-faith protections for trading platforms

If enacted, the bill would protect covered trading platforms and their officers, directors, employees, and agents from liability when acting within their duties under this section. It would shield platforms from federal or state legal or contractual liability for good-faith actions to prevent or remedy violations, including restricting, suspending, or closing accounts or unwinding positions. The bill would also protect good-faith reports of suspected violations to the CFTC, the Attorney General, or the FEC and would not require platforms to notify others that a report was made. These protections would apply to conduct on or after enactment.

Sponsors & CoSponsors

Sponsor

Davis, Donald G. [D-NC-1]

NC • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
Back to Legislation