Washington, Aug. 27 -- Congressman Michael Baumgartner issued the following press release:
Congressman Michael Baumgartner (WA-05) introduced the Wildfire Event Contract Prohibition Act (H.R. 10109), legislation to prohibit prediction-market platforms from listing or clearing contracts that allow speculators to profit from wildfire events.
"We've already had enough problems with arsonists causing wildfires in Eastern Washington, we don't need betting markets giving potential big financial incentives to start fires," said Congressman Baumgartner. "When a wildfire threatens a community, every effort should be focused on protecting families, homes, and first responders. Congress should draw a clear line and make sure federally regulated mark...