Prevents certain government officials from trading on prediction markets based on political events.
The PREDICT Act amends chapter 131 of title 5, United States Code, to prohibit Members of Congress, their spouses, and dependent children, as well as certain executive branch officials, from trading on prediction markets. These markets involve transactions dependent on political events. The bill defines "covered individuals" and outlines penalties for violations, including fines and disgorgement of profits. The supervising ethics office must issue guidance and publish details of fines on a public website.
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