US Senators Propose Bill to Restrict Federal Officials from Trading on Insider Information

Four U.S. senators have introduced legislation aimed at prohibiting federal officials from engaging in trading prediction market contracts based on material nonpublic information. According to NS3.AI, the proposed bill includes a minimum fine of $500 for any violations. The legislation targets a range of officials, including the president, vice president, members of Congress, staffers, political appointees, and agency employees, whether they trade on U.S. or foreign platforms. Additionally, any trades exceeding $250 would require reporting within 30 days. A companion bill in the House seeks to extend these restrictions to include the spouses and dependents of the officials.