Rep. Steil Plans to Add Prediction Markets to Congressional Stock Ban Bill

Rep. Bryan Steil (R-WI) plans to add language to a House congressional stock ban bill to cover prediction markets like Polymarket and Kalshi, he signaled on Thursday, according to Bloomberg Government. The bill, H.R. 7008, would ban lawmakers, spouses, and dependents from purchasing publicly traded stocks, with violators facing fines of $2,000 or 10% of the investment's value—whichever is greater.

The move follows a broader federal push against prediction markets. The Senate passed a resolution in April banning members from wagering on such platforms, while the House Oversight Committee launched investigations into Polymarket and Kalshi late last month.