Amending Rule Xxxvii of the Standing Rules of the Senate to Prohibit Senators From Trading on Prediction Markets

Floor Speech

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Mr. MORENO. Mr. President, as you know as somebody who led an incredibly distinguished business career, integrity and confidence are the key building blocks in any institution.

We take a solemn oath here to our Constitution and to represent our constituents free of any conflicts of interest whatsoever. When we come here on the Senate floor, our constituents have to know that our only guiding light is what is best for our States, what is best for the people of our States, and what is best for the United States of America.

Engaging in any way in a prediction market or trying to place bets where we might have insider information deteriorates the confidence our constituents have in us. So it is extremely important that the public know that from this day forward, there is no chance that any Member of Congress--Member of the Senate in this case, in this resolution I am going to propose--will be involved in any prediction market whatsoever. I am presenting a resolution that makes that crystal clear.

By changing the standing rules of the Senate, what we are doing is allowing our constituents to know once and for all that no Member of the U.S. Senate, no Member of the staff of the U.S. Senate can ever use that inside information as a way to monetize this job whatsoever.

So I am very proud that we have unanimous support, hopefully, from every single Member of the Senate to do that.

Res. 708, which is at the desk.

I point out that the amendment goes broader for us as Members of the Senate. It is not intended to change the definitions of any of the types of contracts that we are talking about. This is about making certain that we have the integrity we need to show our constituents.

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