Floor SpeechUrgent2026-04-30

AMENDING RULE XXXVII OF THE STANDING RULES OF THE SENATE TO PROHIBIT SENATORS FROM TRADING ON PREDICTION MARKETS

TaxesForeign PolicyTradeLaborEthics

Context

On 2026-04-30, Senator Charles E. Schumer (D-NY) delivered a floor speech titled "AMENDING RULE XXXVII OF THE STANDING RULES OF THE SENATE TO PROHIBIT SENATORS FROM TRADING ON PREDICTION MARKETS" in the Senate. The speech addressed taxes and also covered foreign policy, trade policy. It referenced legislation including S2151, S2152, SRES708.

Full Text

AMENDING RULE XXXVII OF THE STANDING RULES OF THE SENATE TO PROHIBIT SENATORS FROM TRADING ON PREDICTION MARKETS

Congressional Record, Volume 172 Issue 76 (Thursday, April 30, 2026) [Congressional Record Volume 172, Number 76 (Thursday, April 30, 2026)] [Senate] [Pages S2151-S2152] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] AMENDING RULE XXXVII OF THE STANDING RULES OF THE SENATE TO PROHIBIT SENATORS FROM TRADING ON PREDICTION MARKETS 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. So I ask unanimous consent that the Senate proceed to consideration of S. Res. 708, which is at the desk. The PRESIDING OFFICER. The clerk will report the resolution by title. The senior assistant legislative clerk read as follows: A resolution (S. Res. 708) amending rule XXXVII of the Standing Rules of the Senate to prohibit Senators from trading on prediction markets. There being no objection, the Senate proceeded to consider the resolution. Mr. MORENO. I ask unanimous consent that the Padilla amendment at the desk be agreed to; that the resolution, as amended, be agreed to; and that the motions to reconsider be considered made and laid upon the table with no intervening action or debate. 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. The PRESIDING OFFICER. Is there objection? Without objection, it is so ordered. The amendment (No. 5442) was agreed to as follows: (Purpose: To improve the bill) On page 2, line 1, strike ``No Member'' and insert ``No Member, officer, or employee''. On page 2, line 2, insert ``swap,'' after ``contract,''. On page 2, line 3, insert ``of an excluded commodity, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a),'' after ``delivery''. On page 2, line 5, insert ``or contingency. Nothing in this paragraph shall be construed to apply to insurance for which the insured holds a lawful insurable interest'' after ``event''. SEC. 2. SENSE OF THE SENATE. It is the sense of the Senate that the House of Representatives, executive branch, and judicial branch should establish restrictions similar to those under section 1 relating to participation in prediction markets. The resolution (S. Res. 708), as amended, was agreed to. The resolution, as amended, is as follows: S. Res. 708 Resolved, SECTION 1. PROHIBITION ON PREDICTION MARKET TRADING BY SENATORS. Rule XXXVII of the Standing Rules of the Senate is amended-- (1) by redesignating paragraph 15 as paragraph 16; and (2) by inserting after paragraph 14 the following: ``15. No Member, officer, or employee of the Senate may enter into, or offer to enter into, an agreement, contract, swap, or transaction that provides for any purchase, sale, payment, or delivery of an excluded commodity, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a), that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event or contingency. Nothing in this paragraph shall be construed to apply to insurance for which the insured holds a lawful insurable interest.''. [[Page S2152]] SEC. 2. SENSE OF THE SENATE. It is the sense of the Senate that the House of Representatives, executive branch, and judicial branch should establish restrictions similar to those under section 1 relating to participation in prediction markets. The PRESIDING OFFICER. The minority leader. 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. I yield the floor. The PRESIDING OFFICER. The Senator from New Jersey. Mr. BOOKER. Mr. President, I know the Senate is running behind, and I wanted to jump in, but I do invite the pages to bring a podium for me when they are ready. The pages so rarely get recognition, but without them, where would we be? I am grateful. ____________________

Referenced legislation: SRES708, SRES708

View original source →

AMENDING RULE XXXVII OF THE STANDING RULES OF THE SENATE TO PROHIBIT SENATORS FROM TRADING ON PREDICTION MARKETS Congressional Record, Volume 172 Issue 76 (Thursday, April 30, 2026) [Congressional Record Volume 172, Number 76 (Thursday, April 30, 2026)] [Senate] [Pages S2151-S2152] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] AMENDING RULE XXXVII OF THE STANDING RULES OF THE SENATE TO PROHIBIT SENATORS FROM TRADING ON PREDICTION MARKETS 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. So I ask unanimous consent that the Senate proceed to consideration of S. Res. 708, which is at the desk. The PRESIDING OFFICER. The clerk will report the resolution by title. The senior assistant legislative clerk read as follows: A resolution (S. Res. 708) amending rule XXXVII of the Standing Rules of the Senate to prohibit Senators from trading on prediction markets. There being no objection, the Senate proceeded to consider the resolution. Mr. MORENO. I ask unanimous consent that the Padilla amendment at the desk be agreed to; that the resolution, as amended, be agreed to; and that the motions to reconsider be considered made and laid upon the table with no intervening action or debate. 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. The PRESIDING OFFICER. Is there objection? Without objection, it is so ordered. The amendment (No. 5442) was agreed to as follows: (Purpose: To improve the bill) On page 2, line 1, strike ``No Member'' and insert ``No Member, officer, or employee''. On page 2, line 2, insert ``swap,'' after ``contract,''. On page 2, line 3, insert ``of an excluded commodity, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a),'' after ``delivery''. On page 2, line 5, insert ``or contingency. Nothing in this paragraph shall be construed to apply to insurance for which the insured holds a lawful insurable interest'' after ``event''. SEC. 2. SENSE OF THE SENATE. It is the sense of the Senate that the House of Representatives, executive branch, and judicial branch should establish restrictions similar to those under section 1 relating to participation in prediction markets. The resolution (S. Res. 708), as amended, was agreed to. The resolution, as amended, is as follows: S. Res. 708 Resolved, SECTION 1. PROHIBITION ON PREDICTION MARKET TRADING BY SENATORS. Rule XXXVII of the Standing Rules of the Senate is amended-- (1) by redesignating paragraph 15 as paragraph 16; and (2) by inserting after paragraph 14 the following: ``15. No Member, officer, or employee of the Senate may enter into, or offer to enter into, an agreement, contract, swap, or transaction that provides for any purchase, sale, payment, or delivery of an excluded commodity, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a), that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event or contingency. Nothing in this paragraph shall be construed to apply to insurance for which the insured holds a lawful insurable interest.''. [[Page S2152]] SEC. 2. SENSE OF THE SENATE. It is the sense of the Senate that the House of Representatives, executive branch, and judicial branch should establish restrictions similar to those under section 1 relating to participation in prediction markets. The PRESIDING OFFICER. The minority leader. 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. I yield the floor. The PRESIDING OFFICER. The Senator from New Jersey. Mr. BOOKER. Mr. President, I know the Senate is running behind, and I wanted to jump in, but I do invite the pages to bring a podium for me when they are ready. The pages so rarely get recognition, but without them, where would we be? I am grateful. ____________________ Referenced legislation: SRES708, SRES708