Rep. Steil introduces bill to bar lawmakers and families from political prediction markets

Rep. Bryan Steil, the Wisconsin Republican who chairs the House Administration Committee, introduced legislation that would ban members of Congress, their spouses, and their dependent children from trading on political event contracts through prediction markets. The bill, called the Stop Lawmakers From Predicting Act, targets platforms including Kalshi and Polymarket, specifically prohibiting bets on policy, politics, and elections where legislators may possess non-public information or influence over outcomes. Violators would face a penalty of $2,000 or 10 percent of the transaction value (whichever is greater) plus any net gain. The measure comes after reported episodes of alleged insider trading by lawmakers on event contracts and builds on Steil's earlier push to amend the Stop Insider Trading Act.