HouseH.R. 10732119th Congress

No Betting on Your Own Race Act

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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10732 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                               H. R. 10732

   To amend title 52, United States Code, to prohibit candidates for 
 Federal office from trading in contracts on the outcome of their own 
                   elections, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 5, 2026

 Mr. Davis of North Carolina introduced the following bill; which was 
           referred to the Committee on House Administration

_______________________________________________________________________

                                 A BILL

 
   To amend title 52, United States Code, to prohibit candidates for 
 Federal office from trading in contracts on the outcome of their own 
                   elections, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Betting on Your Own Race Act''.

SEC. 2. TRADING BY CANDIDATES IN CONTRACTS ON THEIR OWN ELECTIONS.

    (a) In General.--Subchapter I of chapter 301 of title 52, United 
States Code, is amended by adding at the end the following:
``Sec. 30147. Trading by candidates in contracts on their own elections
    ``(a) Definitions.--In this section:
            ``(1) Candidate.--The term `candidate' has the meaning 
        given the term in section 301 of the Federal Election Campaign 
        Act of 1971 (52 U.S.C. 30101).
            ``(2) Covered platform.--The term `covered platform' means 
        any registered entity, designated contract market, swap 
        execution facility, broker, intermediary, or other platform 
        that facilitates trading in political event contracts.
            ``(3) Political event contract.--The term `political event 
        contract' means any agreement, transaction, swap, option, 
        contract, derivative, or other event contract that allows a 
        person to purchase, sell, trade, or otherwise obtain direct 
        financial exposure based on the outcome of--
                    ``(A) a Federal election;
                    ``(B) a primary election;
                    ``(C) a caucus;
                    ``(D) the nomination of a candidate;
                    ``(E) control of Congress;
                    ``(F) any other political or governmental event by 
                rule by the Commodity Futures Trading Commission.
            ``(4) Covered election contract.--The term `covered 
        election contract' means, with respect to a candidate, a 
        political event contract the payout or resolution of which 
        depends on--
                    ``(A) the outcome of an election, primary election, 
                caucus, convention, or nomination contest in which the 
                candidate is seeking nomination for election, or 
                election, to Federal office;
                    ``(B) whether the candidate is, becomes, or remains 
                a candidate in such a contest; or
                    ``(C) the vote share, margin, or placement of the 
                candidate in such a contest.
            ``(5) Covered person.--The term `covered person' means, 
        with respect to a candidate, the candidate, a spouse or 
        dependent child of the candidate, or an authorized committee of 
        the candidate as defined in 52 U.S.C. Sec.  30101(6).
    ``(b) Offense.--Whoever, being a covered person purchases, sells, 
acquires, disposes of, or holds any interest, directly or indirectly, 
in a covered election contract with respect to the candidate shall be 
civilly fined under 52 U.S.C. Sec.  30109 $10,000 per violation; or an 
amount equal to 3 times the net financial gain attributable to the 
violation, whichever is greater.
    ``(c) Indirect Interests.--For purposes of subsection (b), a person 
acts indirectly if the person--
            ``(1) causes, directs, requests, or induces another person 
        to acquire, hold, or dispose of the interest;
            ``(2) holds a beneficial interest in the interest, however 
        titled; or
            ``(3) provides funds used by another person to acquire the 
        interest, with knowledge of the intended use.
    ``(e) Divestment.--It shall not be a violation of subsection (b) 
for a person to hold an interest in a contract that becomes a covered 
election contract with respect to that person, or to dispose of such an 
interest, during the minimum period required by covered platforms to 
divest such contract, beginning on the date on which the person becomes 
a candidate.
    ``(f) Protection for Covered Platforms.--
            ``(1) No liability under this section.--No penalty under 
        this section shall apply to a covered platform, or to any 
        officer, director, employee, or agent of a covered platform 
        acting within the scope of that person's duties.
            ``(2) Good faith compliance actions.--A covered platform, 
        and any officer, director, employee, or agent thereof, shall 
        not be liable to any person under any Federal or State law, or 
        under any contract, for any action taken in good faith to 
        prevent or remedy a violation of subsection (b), including 
        restricting, suspending, or closing an account, or cancelling, 
        voiding, or unwinding a position or transaction.
            ``(3) Good faith reporting.--A covered platform, and any 
        officer, director, employee, or agent thereof, shall not be 
        liable to any person under any Federal or State law for 
        reporting in good faith a suspected violation of this section 
        to the Commodity Futures Trading Commission, the Attorney 
        General, or the Federal Election Commission, and shall not be 
        required to notify any person that such a report has been 
        made.''.

SEC. 3. PUBLICATION OF CANDIDATE INFORMATION AND CANDIDATE 
              NOTIFICATION.

    (a) In General.--The Federal Election Commission shall establish 
and maintain a publicly available, machine-readable list of each 
individual who is a candidate (as defined in section 301 of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30101)), which shall include, 
for each such individual--
            (1) the name of the individual and any identifier assigned 
        to the individual by the Commission;
            (2) the office sought; and
            (3) the date on which the individual became a candidate 
        and, if applicable, the date on which the individual ceased to 
        be a candidate.
    (b) Availability.--The Commission shall make the list described in 
subsection (a) available at no charge and shall update the list not 
less frequently than weekly.
    (c) Candidate Notification.--The Federal Election Commission, in 
coordination with State and territory boards of elections, shall ensure 
that each individual who is a candidate (as defined in section 301 of 
the Federal Election Campaign Act of 1971 (52 U.S.C. 30101)) is 
notified, when a candidate files for Federal office, of the 
prohibitions and requirements under this Act.

SEC. 4. EFFECTIVE DATE.

    This Act, and the amendments made by this Act, shall apply with 
respect to conduct occurring on or after the date of enactment of this 
Act.
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