Steil Proposes $2,000 Penalty for Congressional Prediction Bets as House Weighs Stock Trading Ban
Updated
Updated · CNBC · Jun 18
Steil Proposes $2,000 Penalty for Congressional Prediction Bets as House Weighs Stock Trading Ban
3 articles · Updated · CNBC · Jun 18
Summary
Rep. Bryan Steil plans to add a provision barring House lawmakers and their families from betting on prediction markets tied to policy, politics and elections.
The measure would force violators to pay $2,000 or 10% of a transaction's value—whichever is greater—plus any gains, targeting bets made with potential insider knowledge.
Steil's proposal would ride on a broader bill banning members from buying new individual stock shares, a package backed by Speaker Mike Johnson and President Donald Trump and promised a House floor vote.
The restriction would still allow nonpolitical wagers such as sports bets, while reflecting wider scrutiny of platforms including Kalshi and Polymarket.
The Senate already adopted a similar rule for senators and staff earlier this year, but the House bill still faces a tougher path there because Democrats oppose the broader stock-trading measure for excluding Trump.