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. SCHUMER. Mr. President, first, I appreciate what the Senator from Ohio has done. It is a good thing that the Senate is moving swiftly to prohibit Senators and staff from playing around in prediction markets.

Since this is a resolution, it is immediately going into effect for Senators. That is a great thing. Speaker Johnson should immediately do the same thing in the House and prohibit House Members from playing around in prediction markets as well.

We must never allow Congress to turn into a casino where Members representing the public can gamble on wars or economic crises or elections. That would destroy the very principle of representative government. Just the possibility that Members could have their votes influenced because of betting is reason enough to prohibit Members from meddling in the prediction markets.

Of all the issues we debate in Washington, this falls squarely in the category of a no-brainer. Then we should go further. This is a good start but not enough. The administration and its employees must apply these very same rules too--particularly this administration, which shows such a troubling affinity to corruption and self-dealing.

When we come back in May, I will work with my colleagues to ensure that the administration can't get rich off betting markets. But today's resolution is a very good first step, and I thank my colleague the Senator from Ohio and my colleagues on both sides of the aisle for working quickly to approve this legislation, which I am proud to support.

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