US lawmakers propose the PREDICT Act to ban the president and members of Congress from participating in market forecasting

U.S. lawmakers have proposed the "PREDICT Act" to prohibit the president, members of Congress and other senior government officials from participating in predictive market transactions.<br /> The bill, jointly proposed by Adrian Smith and Nikki Budzinski, aims to restrict the use of inside information to participate in predicting activities related to political events or policy outcomes, and extends its application to spouses and family members of relevant persons. The bill also proposes to impose a fine of 10% of the total contract value for violations and confiscate all proceeds and turn them over to the U.S. Treasury Department.