Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The PREDICT Act prohibits federal officials and their family members from trading on prediction markets—bets tied to the occurrence or outcome of political events. The ban applies to Members of Congress, the President and Vice President, senior executive branch officials (GS-15 level and above), federal judges, and their spouses and dependent children, as well as anyone acting on their behalf in such transactions. Any covered individual who violates this restriction must pay a penalty equal to ten percent of the transaction's value and forfeit all profits, with the money going to the Treasury. The penalties cannot be paid using official allowances, campaign funds, or other government sources—only personal salary. Additionally, each ethics office must publicly report all fines assessed, including why they were imposed and their outcomes.
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