Legislation sponsored last week by U.S. Rep. Bryan Steil (R-WI) aims to stop members of Congress and their families from using nonpublic information to profit off political betting.
The Stop Lawmakers from Predicting Act, H.R. 9367, seeks to prohibit congressional members, their spouses, or dependent children from wagering on government policy, government action, or political outcomes, according to a bill summary provided by the congressman.
“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,” U.S. House Administration Committee Chairman Steil said. “This legislation is critical to restoring the public’s trust in their elected officials. Lawmakers should be writing policy, not wagering on its outcome.”
If enacted, H.R. 9367 would require that any member, a spouse, or a dependent child found to violate the ban would be required to pay a fee equal to $2,000 or 10 percent of the value of the prohibited transaction (whichever is greater), and the net gain realized from the transaction.
The bill also would dictate that members could not use their Representational Allowance, Senate personnel and office expense account, or political contributions or donations to pay the fine, and any members who resign or retire without paying the fine could be referred to the U.S. Department of Justice for civil enforcement, the summary says.
Among the four Republicans who signed on as original cosponsors of H.R. 9367 are U.S. Reps. Ashley Hinson (R-IA) and Greg Murphy (R-NC). Rep. Steil’s committee is considering the bill for action.