This bill would ban the President, Vice President, and Members of Congress from trading in "event contracts"—financial agreements that pay off based on the occurrence of specific events. Senior executive branch officials would face a more limited restriction, prohibited from trading in event contracts related to matters they personally work on. The bill establishes civil penalties of up to $10,000 per violation or the amount of profit gained, whichever is greater, and requires the Attorney General to enforce these rules. The legislation also requires federal officials covered by financial disclosure rules to report any event contract transactions within 45 days and includes quarterly reporting requirements for foreign trading platforms to identify violations. The bill aims to prevent government officials from profiting from insider information or their own policy decisions through prediction market trading.
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