The Senate passed a resolution introduced by Senator Bernie Moreno (R-Ohio) on April 30, banning sitting United States Senators, officers, and staff from using prediction markets. The measure was approved by unanimous consent.
The resolution aims to prevent lawmakers and their staff from engaging in financial activities where profits depend on the outcome of specific events. Supporters say this move is intended to strengthen public trust in Congress.
“United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” said Senator Bernie Moreno. “Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people.”
Moreno’s resolution changes the standing rules of the Senate so that members are prohibited from entering any financial agreement tied to event outcomes. He maintains offices in Washington, Columbus, Cleveland and Cincinnati to assist Ohio constituents, according to the official website. He also provides newsletter subscriptions to keep connections with Ohio residents according to his official website.
Moreno immigrated from Colombia at age 5 with his family and became a U.S. citizen at 18 according to his official website. He serves on Senate committees addressing banking, housing, urban affairs, commerce, science, transportation, homeland security, governmental affairs and budget issues according to his official website. In addition, he promotes blockchain technology and engages experts on autonomous vehicles for safety and data practices according to his official website.
The adoption of this resolution could influence how members of Congress manage personal finances while serving in office.
