House Republican Seeks to Ban Members From Prediction Markets

House members, spouses, and dependent children would be barred from wagering on prediction markets under legislation unveiled Thursday by Rep. Bryan Steil (R-Wis.), chairman of the Administration Committee.

The Stop Lawmakers From Predicting Act is one of several pieces of legislation Congress is considering to prevent members from using their political positions for financial gain. Lawmakers have wrangled for years over how to restrict themselves from trading stocks, but are moving more quickly to curb their access to prediction markets like Kalshi and Polymarket.

“The American people deserve to know their Member of Congress is not profiting off insider information,” Steil said in a statement. “Lawmakers should be writing policy, not wagering on its outcome.”

If signed into law, any member found in violation would have to pay a fine equal to $2,000 or 10% of the value of the transaction, and the net gain from the transaction. Members couldn’t use their position or campaign funds to pay the fine.

Steil’s bill does not apply to staff, but some lawmakers have banned their staff from wagering on prediction markets.

The Senate approved a measure by unanimous consent in late April to ban senators and staff from engaging in prediction markets. Rep. Ashley Hinson (R-Iowa) introduced a bill shortly after to amend the House rules for the same purpose and urged leadership to bring it to the floor “immediately.”

But House GOP leadership pumped the breaks, with Speaker Mike Johnson (R-La.) saying he needed to make sure he had consensus. Majority Leader Steve Scalise (R-La.) also noted back in May that Steil was working on legislation, saying committees exist to “get this right.”