CONGRESS FOR VOTERS

Bernie Moreno (R-OH)

A resolution amending rule XXXVII of the Standing Rules of the Senate to prohibit Senators from trading on prediction markets.

S.Res. 708 · Senate resolution Congress

A Republican resolution with no cosponsors

Last activity — Resolution agreed to in Senate with amendments by Unanimous Consent. (consideration: CR S2151-2152, S2161; text: CR S2151-2152)

Adopted

The chamber formally agreed to it, and for a resolution that is the finish line: what it says is now officially the chamber's position, rule or tribute.

Nothing more is needed. A resolution is how a chamber speaks for itself or sets its own rules, so adopting it is what puts it into effect. It is not a law, so there is nothing for the President to sign.

Its path through Congress

  1. Introduced
  2. Adopted by the Senate unanimous consent

A Senate resolution is the Senate speaking for itself: stating a position, honouring someone, or setting its own rules. Adopting it is the whole process. Once the Senate agrees to it, it is officially the Senate's word; it is not a law, so the House and the President have no part in it.

The Senate by unanimous consent (no one objected, so there was no vote): no senator's position on it was recorded.

What this bill would do

This resolution amends Rule XXXVII of the Standing Rules of the Senate. It prohibits Senators, officers, and employees of the Senate from engaging in certain transactions. Specifically, it forbids entering into agreements or contracts involving excluded commodities that depend on specific events or contingencies. The rule does not apply to insurance where there is a lawful insurable interest. Additionally, the Senate expresses its sense that the House, executive branch, and judicial branch should establish similar restrictions regarding prediction markets.

Yes

  • Scored +4

    Does this make what the government does easier for the public to see?

    The restriction on prediction market trading by Senate members and employees promotes integrity and transparency in legislative actions.

  • Scored +3

    Does this give people more protection from unfair business practices?

    By prohibiting Senate staff from trading on prediction markets, the bill aims to prevent the exploitation of non-public information.

  • Scored +2

    Does this protect people from being watched or searched?

    The bill limits the financial activities of government officials to prevent conflicts of interest related to event-based trading.

The opposite

  • Scored -2

    Would people with substantial wealth be better off under this?

    The bill limits the ability of high-ranking government officials to potentially profit from specific event-driven financial instruments.