Congressman Don Davis Introduces Bill to Ban Federal Candidates from Betting on Their Own Elections

WASHINGTON, D.C. - Congressman Don Davis (NC-01) introduced the No Betting on Your Own Race Act, which would ban federal candidates seeking elected office from trades tied to their own races.

The No Betting on Your Own Race Act would prohibit federal candidates, their spouses or dependent children, and authorized campaign committees from buying, selling, acquiring, disposing of, or holding contracts tied to the candidate's election.

"We don't want our athletes to bet on their games. A candidate running for federal elected office should be treated exactly the same and should not be allowed to trade on their own election," said Congressman Don Davis. "The No Betting on Your Own Race Act aims to prevent market interference, insider trading, as well as candidates and their family members from cashing in. To establish consistency and ensure all federal candidate campaign committees understand this, Congress must pass this common-sense legislation."

Violators will incur a $10,000 civil penalty for each violation. If there is a net financial gain, the penalty will be three times the gain, or $10,000, whichever is greater. The new law also provides that a candidate who is running for office at the federal level must be notified during the filing period.

The legislative text can be found HERE.