Senators Young and Slotkin Introduce Bill to Require Disclosure of Prediction Market Trades by Lawmakers and Staff

By Bryan Metzger

*April 2026*

Concerns have arisen regarding potential use of nonpublic information by government officials in prediction market trading. Current ethics rules do not require lawmakers or their staff to disclose specific prediction market trades. Sens. Todd Young (R-Ind.) and Elissa Slotkin (D-Mich.) introduced legislation in March 2026 to address this gap.

Federal ethics laws mandate that members of Congress and certain high-ranking officials disclose stock purchases and sales within 30 to 45 days of the transaction. These disclosures are publicly available, enabling oversight of lawmakers' stock trading activities.

In contrast, no specific requirements exist for disclosing individual prediction market trades, such as event contracts on platforms like Kalshi. Officials must report outside income exceeding $200 annually, which could include aggregate earnings from prediction markets, but not trade details.

Kedrick Payne, vice president and senior director of ethics at the Campaign Legal Center—an advocacy organization focused on government ethics and campaign finance reform—stated that existing disclosure rules may already apply. "What's missing right now is for the ethics committees to remind people that these disclosure rules apply," Payne told Business Insider.

Kalshi, the largest U.S. prediction market platform, prohibits members of Congress from trading on its site. The White House advised staff against prediction market trading during tensions involving Iran, according to a White House official who spoke to Business Insider. The Wall Street Journal first reported the guidance. White House spokesman Davis Ingle noted, "All federal employees are subject to government ethics guidelines that prohibit the use of nonpublic information for financial benefit."

The bill introduced by Young and Slotkin, titled the Public Integrity in Financial Prediction Markets Act of 2026, is part of a broader wave of similar legislation. Since January 2026, legal analyses have identified more than 10 related bills addressing prediction market regulations or restrictions on public officials' trading. These include a House companion bill introduced by Rep. Norma Torres (D-N.Y.) in January with 30 bipartisan cosponsors, as well as measures targeting prediction market oversight.

The Senate bill would require the president, vice president, members of Congress, and certain senior staff in the executive and legislative branches to disclose prediction market trades exceeding $250 in value. Required details include:

• The value and number of event contracts purchased or sold;
• The date of the purchase or sale;
• The subject of the trade and the position taken;
• The platform used;
• Any profit or loss upon resolution or sale.

The legislation also bans these officials from using nonpublic information for prediction market profits. Violations would incur fines of $500 or twice the profit gained, whichever is greater.

Young described the measure to Bloomberg, stating, "We think that we're creating the sort of mechanism that the American people would expect. Our hope is that this will restore trust in the decision-making that we have here in Congress."

Payne, who previously served as deputy chief counsel at the Office of Congressional Ethics, raised potential drawbacks to detailed disclosures. He questioned whether such requirements would be "prudent or practical," particularly for markets resolving over long periods.

Payne compared the scenario to public tracking of congressional stock trades, where disclosures can prompt copycat investments. "They're going to bet with that member of Congress," he said. "It could end up influencing the market in a way that is damaging." He suggested a outright ban on congressional trading in prediction markets, similar to approaches in stock trading reform proposals.

Other recent bills reflect similar debates. Sens. Jeff Merkley (D-Ore.) and Amy Klobuchar (D-Minn.) introduced the End Prediction Market Corruption Act, which would prohibit the president, vice president, and members of Congress from trading on prediction markets entirely.

Prediction markets have gained prominence, with platforms offering contracts on events ranging from elections to economic indicators. Platforms like Kalshi operate under Commodity Futures Trading Commission oversight following a 2024 court ruling.

Current ethics enforcement relies on committees in Congress and the executive branch. The Office of Congressional Ethics and similar bodies investigate potential violations, but proactive reminders about applying stock disclosure rules to prediction markets have not been issued publicly.

Supporters of disclosure argue it promotes transparency without banning trading. Critics, including Payne, contend it could distort markets or complicate compliance.

The Young-Slotkin bill has not yet advanced beyond introduction. Its House counterpart by Torres has garnered cosponsors from both parties, indicating potential momentum amid ongoing discussions.

As prediction market volumes grow—Kalshi reported millions in trading activity in early 2026—lawmakers continue weighing disclosure, bans, or other restrictions. No comprehensive federal rules specifically govern officials' prediction market activity beyond general ethics prohibitions.

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