Hinson Supports Bipartisan Bill Banning Federal Officials from Insider Political Gambling

Washington, D.C. — Congresswoman Ashley Hinson (IA-02) joined a bipartisan group of colleagues in cosponsoring the Preventing Real-time Exploitation and Deceptive Insider Congressional Trading (PREDICT) Act, an effort aimed at banning senior federal government officials, including Members of Congress, from engaging in insider prediction market trading. 

“I can’t think of anything swampier than Members of Congress or other federal officials using insider knowledge to gamble on prediction markets — Americans should be able to trust that their representatives aren’t making money on current events. That’s why I’m working across the aisle to ensure Members of Congress and other senior federal officials cannot gamble on prediction markets. I will continue my fight to root out corruption in Washington." — Congresswoman Ashley Hinson

Background:

Specifically, the PREDICT Act would bar senior federal government officials from placing trades on prediction markets tied to political events, policy decisions, or other government actions, including the following:  

• Members of Congress, their spouses, and dependent children;
• The president and vice president;
• Political appointees in the Executive Branch, including those in executive schedule roles. 

Anyone who violates these restrictions would face a civil penalty equal to 10 percent of the value of the prohibited transaction, in addition to forfeiting any profits to the U.S. Treasury.

The full text of the PREDICT Act can be found here.
 

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