U.S. Rep. Ashley Hinson (R-IA) on May 7 proposed a resolution that would amend rules in the U.S. House of Representatives to ban participation in prediction markets by members of Congress, congressional staff, and House officers.
“Members of Congress shouldn’t be able to use insider knowledge to make a profit,” Rep. Hinson said. “We should take immediate action to ensure D.C. politicians can’t make money off of policies they are influencing.”
The congresswoman sponsored House Resolution 1263 to amend House rules and prohibit them from entering into certain agreements, contracts, or transactions with respect to prediction markets, according to the Congressional Record summary.
The U.S. Senate on April 30 approved the companion Senate Resolution 708, introduced on the same day by U.S. Sen. Bernie Moreno (R-OH) to prohibit similar conduct under its own rules. Her legislation would ensure the House follows suit, according to Rep. Hinson.
“I am calling on our House Republican leadership to bring this to the floor immediately — it should receive unanimous support,” she said.
The House resolution also builds on the congresswoman’s broader push to promote accountability in government by supporting the bipartisan Preventing Real-time Exploitation and Deceptive Insider Congressional Trading (PREDICT) Act, H.R. 8076, which she signed on to as a cosponsor on April 13.
H.R. 8076, which U.S. Reps. Adrian Smith (R-NE) and Nikki Budinski (D-IL) sponsored on March 25, also would prohibit covered individuals from trading on prediction markets. The bill remains under consideration in several House committees.