“A bill to prohibit a covered individual from engaging in covered transactions involving prediction market contracts, and for other purposes.”
No CRS summary available for this bill.
This section establishes in new subchapter IV of chapter 131 of title 5, U.S. Code, prohibitions and requirements concerning covered transactions (i.e., purchase, sale, or exchange of prediction market contracts, including event contracts under the Commodity Exchange Act) by covered individuals (i.e., the President, Vice President, Members of Congress, certain House or Senate employees, political appointees, or employees of executive agencies or independent regulatory agencies). It (1) prohibits covered individuals from using material nonpublic information gained from their position to profit from such transactions; (2) authorizes supervising ethics offices to assess fines up to the greater of $500 or double the profit gained, with fines deposited into Treasury miscellaneous receipts; (3) directs each supervising ethics office, within 180 days of enactment and in consultation with the Commodity Futures Trading Commission, to impose penalties, establish procedures and forms, issue rules and guidelines, and publish them online; and (4) requires covered individuals to report to their supervising ethics office, within 30 days, any covered transaction valued over $250—including contract value, date, position, platform, and profit or loss (with an update within 30 days if the position remains open)—plus a clerical amendment to the chapter table of sections.