Honesty and Trust in Service Act
Sponsored By: Representative Vindman, Eugene Simon [D-VA-7]
Introduced
Summary
Bars Department of Defense members from trading on prediction markets when they hold material nonpublic information. The bill would require the Secretary of Defense, working with the military department secretaries, to issue rules within 180 days that ban such trades by covered service members and civilian Department of Defense personnel, set penalties for violations, and define "material nonpublic information" and "covered Armed Forces" (Army, Navy, Air Force, Marine Corps, Space Force).
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Defense Department ban on prediction market trading
If enacted, this bill would bar members of the Army, Navy, Air Force, Marine Corps, Space Force, and civilian Department of Defense employees from entering into prediction market transactions when, at the time of the trade, they possess material nonpublic information relevant to the transaction or could reasonably obtain such information while doing their official duties. The Secretary of Defense would have 180 days after enactment to issue regulations that prohibit these trades and specify a range of punishments for violations. The bill would define "material nonpublic information" as information a reasonable investor would consider important that is not publicly available, including information not available to a member of the public exercising reasonable diligence.
Sponsors & CoSponsors
Sponsor
Vindman, Eugene Simon [D-VA-7]
VA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov