COIB testimony - Carolyn on existing law coverage of prediction markets
Carolyn Miller of the Conflicts of Interest Board testifies that the proposed legislation regulates conduct already prohibited by existing conflicts of interest law, and that the annual disclosure changes would create a dramatic expansion of reporting requirements impacting people beyond those covered by the bill.
And now we're going to call the first speaker, Ethan Carrier from the New York City Conflicts of Interest Board, also known as COIB.
And also Carolyn Miller, also from COIB.
Thank you very much.
Begin whenever you wish.
Go ahead.
I swear.
Oh, you have to swear.
Swear you win, sorry.
It's yet to be sworn in.
I always forget that part.
Okay.
We will now hear testimony from the Conflicts of Interest Board.
Before we begin, I will administer the oath of affirmation.
Panelists, please raise your right hand.
Do you affirm to tell the truth, the whole truth, and nothing but the truth before this committee and to respond honestly to council member questions?
I do.
You may begin when you're ready.
Yes, we certainly appreciate the importance of public servants not trading on government information or using their city positions to violate the public trust for their own financial benefit.
The legislation that's proposed
regulates conduct that is already prohibited by the conflicts of interest board.
The legislation has two components to it.
The first of which, and Ethan Carrier, our board's general counsel, will speak more in depth, addresses conduct that's already prohibited by the conflicts of interest law.
And the second component changes to the city's
annual disclosure law would reflect a dramatic expansion of the reporting requirements that reflects nothing comparable currently in the annual disclosure law and create a burden on people way beyond those who are regulated by this conduct.
Substantial policymakers reflect just a fraction of people who file annual disclosure reports, and the reporting that's proposed in this legislation would impact people way beyond those that are arguably covered by the proposed legislation.
So let's first discuss how this law is already addressed in the current conflicts of interest law.