Wisconsin Executive Order Bans State Workers from Profiting from Insider Information

Wisconsin Gov. Tony Evers recently signed an executive order that prohibits Wisconsin state government employees from disclosing or using insider information available to them as state workers in order to personally profit or benefit.

A statement from Evers’ office describes “robust state ethics laws and regulations for state workers that are designed to uphold the highest standard of public integrity and transparency.”

The recently issued directive, however, “is designed to specifically respond to the growing proliferation of engaging in prediction market contracts and betting and the use of nonpublic information by individuals to benefit themselves, their family or relatives.”

While no incidents of insider information being used or disclosed inappropriately by Wisconsin state workers have been identified, “rapid growth” of public use of prediction markets and event contracts are a “growing concern,” according to Evers. Prediction markets and event contracts allow individuals to bet money and wager on the outcome of sports contests, award shows, elections, global affairs and more.

Evers’ May 14 executive order strictly forbids Wisconsin state government employees from disclosing or using any nonpublic information obtained during public service to personally profit from, avoid loss from or assist another person or entity, including their spouses and family members, in profiting or avoiding loss from participation in prediction markets.

“State workers in Wisconsin work hard every day in dedicated service of the people of our state, often going above and beyond their job description and daily responsibilities to support Wisconsinites and our communities and meet their needs,” said Gov. Evers.

“Maintaining public trust and confidence in our state government demands and depends upon transparency, accountability and integrity, and upholding the fundamental tenet of public service that, above all, the work must be for the benefit of the public good and not for personal greed or gain. That is a commitment we take seriously, and we must continue to do so.”