[Congressional Record Volume 172, Number 50 (Thursday, March 19, 2026)]
[Senate]
[Pages S1390-S1391]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4682. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 1383, to establish the Veterans Advisory 
Committee on Equal Access, and for other purposes; which was ordered to 
lie on the table; as follows:

        Strike all after the enacting clause and insert the 
     following:

     SECTION 1. BAN ON TRADING EVENT CONTRACTS BY CERTAIN 
                   GOVERNMENT OFFICIALS.

       Section 5c of the Commodity Exchange Act (7 U.S.C. 7a-2) is 
     amended by inserting after subsection (c) the following:
       ``(d) Ban on Trading Event Contracts by Certain Government 
     Officials.--
       ``(1) Definitions.--In this subsection:
       ``(A) Covered individual.--The term `covered individual' 
     means--
       ``(i) the President;
       ``(ii) the Vice President; and
       ``(iii) a Member of Congress.
       ``(B) Event contract.--The term `event contract' means an 
     agreement, contract, transaction, or swap in an excluded 
     commodity that is based on an occurrence, extent of an 
     occurrence of, or contingency.
       ``(C) Material nonpublic information.--The term `material 
     nonpublic information' means information--
       ``(i) that a reasonable investor would consider important 
     in making a decision regarding purchasing, selling, or 
     otherwise exchanging an agreement or contract in a commodity 
     or a commodity for future delivery; and
       ``(ii) that is not publicly available.
       ``(D) Member of congress.--The term `Member of Congress' 
     has the meaning given the term in section 13101 of title 5, 
     United States Code.
       ``(E) Senior executive branch official.--The term `senior 
     executive branch official' means any officer or employee 
     described in any of paragraphs (3) through (8) of section 
     13103(f) of title 5, United States Code.
       ``(2) Ban on trading event contracts.--
       ``(A) Covered individuals.--No covered individual may 
     purchase, sell, or otherwise exchange an event contract.
       ``(B) Senior executive branch officials.--No senior 
     executive branch official may purchase, sell, or otherwise 
     exchange an event contract the subject of which is a matter 
     in which the senior executive branch official participates 
     personally and substantially as a Government officer or 
     employee, through decision, approval, disapproval, 
     recommendation, the rendering of advice, investigation, or 
     otherwise, in a judicial or other proceeding, application, 
     request for a ruling or other determination, contract, claim, 
     controversy, charge, accusation, arrest, or other particular 
     matter.
       ``(3) Civil actions.--
       ``(A) In general.--The Attorney General may bring a civil 
     action in the appropriate United States district court 
     against any individual who engages in conduct in violation of 
     paragraph (2).
       ``(B) Civil penalty.--In a civil action under subparagraph 
     (A), if it is demonstrated by a preponderance of the evidence 
     that the individual has violated paragraph (2), the 
     individual shall be subject to a civil penalty of not more 
     than the greater of--
       ``(i) $10,000 for each violation; and
       ``(ii) the amount of profit made through the purchase, 
     sale, or exchange of the event contract in violation of 
     paragraph (2).
       ``(C) No preclusion of alternative remedies.--The 
     imposition of a civil penalty under this paragraph does not 
     preclude any other criminal or civil statutory, common law, 
     or administrative remedy that is available by law to the 
     United States or any other person.
       ``(4) Foreign boards of trade.--
       ``(A) Definition of foreign board of trade.--In this 
     paragraph, the term `foreign board of trade' means a board of 
     trade that--
       ``(i) is organized under the laws of a non-United States 
     jurisdiction or has its principal place of business outside 
     the United States; and

[[Page S1391]]

       ``(ii) avails itself of any means or instrumentality of 
     interstate commerce in the conduct of its business as a board 
     of trade.
       ``(B) Quarterly reports.--Each foreign board of trade shall 
     submit to the Commission quarterly reports describing each 
     purchase, sale, or other exchange on the foreign board of 
     trade in violation of paragraph (2).
       ``(C) Enforcement.--A foreign board of trade that fails to 
     submit a report required by subparagraph (B) shall be subject 
     to revocation of the registration of the foreign board of 
     trade by the Commission.
       ``(5) Insider trading.--The Commission shall issue a rule 
     to restrict the inappropriate use of material nonpublic 
     information, in breach of an express or implied duty not to 
     use or disclose such material nonpublic information, as a 
     means of making a profit through the purchase, sale, or other 
     exchange of an event contract, including by requiring 
     designated contract markets to prohibit the purchase, sale, 
     or other exchange of an event contract by such individuals as 
     the Commission determines to be appropriate in the public 
     interest.''.
                                 ______