ICYMI: Following Calls from Pappas, House Launches Congressional Probe into Insider Trading on Prediction Markets

MANCHESTER, N.H. — In case you missed it, CNBC highlighted Congressman Chris Pappas’s successful efforts to demand a House investigation into corruption and insider trading occurring on prediction markets. Following a letter led by Pappas, House Oversight and Government Reform Committee Chair James Comer announced Friday that he is seeking information from leading prediction markets on efforts to prevent insider trading.

Chris is fighting for a government that puts Granite Staters first and works for everyday Americans — not corporate special interests and Trump Administration insiders. He’s helped introduce legislation that would ban members of Congress from trading stocks and he’s backed efforts to ban government officials from trading on political prediction markets when they have or could easily get inside information through their jobs.

Read the full story here and highlights below:

  • […]
  • After a series of highly publicized bets on world and political events, Comer, in his appearance on CNBC, said “there’s a concern now that members of Congress, members of the president’s administration, any type of government employee, can use basic insider knowledge and make huge profits on anything government-related.”
  • […]
  • “The American public has a legitimate interest in knowing whether individuals entrusted with classified national security information have used that access for personal financial gain,” the Democratic lawmakers wrote on May 11. “A committee investigation, enforced with subpoenas, will include internal records, which are the only means by which the individuals who conducted these trades can be identified and the question of whether these platforms are upholding their responsibilities can be answered.”
  • […]

###