00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Representative Brian Steele, R. Wisk, chair of the House Administration Committee,
00:07is drafting legislation to ban current lawmakers, former federal lawmakers,
00:12and political candidates from betting on elections and politics
00:15through prediction markets like Calci and Polymarket.
00:18According to CNBC, Steele said he has no issue with lawmakers
00:22betting on non-political events like sports,
00:24but wants to ban bets on elections and policies through platforms like Calci and Polymarket.
00:30He plans to attach the language to a separate bill banning lawmakers from buying stocks,
00:34which cleared the committee earlier this year, but has not received a House floor vote.
00:39The Senate already updated its rules to ban senators and staffers from prediction market bets.
00:44Minority Leader Hakeem Jeffries said he expects the House will take similar action.
00:49For all things money, visit Benzinga.com.
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