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SRES708119th Congress

A resolution amending rule XXXVII of the Standing Rules of the Senate to prohibit Senators from trading on prediction markets.

Sponsored By: Senator Moreno, Bernie [R-OH]

Passed Senate

Summary

Prohibits Senate members, officers, and employees from entering into prediction-market style contracts tied to commodity events. It creates an exception for insurance when the insured holds a lawful insurable interest and inserts the new ban into Rule XXXVII of the Senate rules.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 1 costs, 0 mixed.

Senators and staff banned from prediction markets

Members, officers, and employees of the Senate cannot enter into or offer to enter prediction-market-style deals. These include contracts, swaps, or other deals that pay based on whether a specific event happens or how much it happens. The rule covers “excluded commodities” defined in federal commodity law (7 U.S.C. 1a). Insurance is allowed only when the insured has a lawful insurable interest. The ban takes effect upon adoption. The Senate also urges other branches to set similar limits.

Sponsors & CoSponsors

Sponsor

Moreno, Bernie [R-OH]

OH • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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