HRES 1248
Amending the Rules of the House of Representatives to prohibit Members, officers, and employees of the House of Representatives from participating in prediction markets in certain cases, and for other purposes.
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Bill overview
This resolution changes the rules of the House of Representatives to prevent Members, officers, and employees from engaging in prediction markets. Specifically, it prohibits them from making trades based on the outcome of events, with exceptions for insurance and legal sports wagers. The resolution also urges the executive and judicial branches to consider similar restrictions.
Key provisions
- Prohibits Members, officers, and employees of the House from participating in prediction markets.
- Defines ‘excluded commodity’ as specified in the Commodity Exchange Act.
- Exempts insurance with a lawful insurable interest.
- Exempts lawful sports wagers.
- Defines ‘sports wager’ as a stake or risk on a sporting event’s outcome.
Who is affected
- Members of the House of Representatives
- Officers of the House of Representatives
- Employees of the House of Representatives
Notable changes
- Creates a specific prohibition on participation in prediction markets.
- Expands the definition of ‘excluded commodity’ to include prediction market instruments.
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119th CONGRESS — 2d Session
H. RES. 1248
IN THE HOUSE OF REPRESENTATIVES
RESOLUTION
Amending the Rules of the House of Representatives to prohibit Members, officers, and employees of the House of Representatives from participating in prediction markets in certain cases, and for other purposes.
Rule XXIII of the Rules of the House of Representatives is amended—
by redesignating clause 22 as clause 23; and
by inserting after clause 21 the following:
No Member, Delegate, Resident Commissioner, officer, or employee of the House may enter into, or offer to enter into, an agreement, contract, swap, or transaction that provides for any purchase, sale, payment, or delivery of an excluded commodity, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a), that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event or contingency.
It is the sense of the House of Representatives that the executive branch and judicial branch should establish restrictions similar to those added to the Rules of the House under section 1 relating to participation in prediction markets.