Council member questions COIB on prediction markets vs real estate concerns
A council member asks whether prediction markets could negatively affect government decision-making like real estate holdings. Carrier says it is too early to assess, and Carolyn confirms COIB has concerns about prediction markets involving public duties but believes existing law covers them.
Chair, can I?
No, go ahead.
Okay.
Going back to the example, when we go back to the annual disclosure with, I think you used real estate as an example, like if a member holds large amounts of real estate within the area could potentially affect their governing.
Do you think prediction markets could have this same negative effect on government decision-making or other aspects of running the city?
Could prediction markets as a general matter?
Certainly.
My personal view about whether people engage in online gambling or buy event contracts, it's hard to even assess that.
I think it's way too early to determine that.
The goal is to ensure that once people enter public service, they are focused on serving the public.
And I think that's distinct from conduct that occurred before they entered public service.
So overall, do the COIB have any particular concerns or do you not have concerns at this moment about the widespread use of prediction markets?
I mean, we definitely have a lot of concerns about the use of the involvement of public servants in prediction markets that have anything to do with public servants, public duties or confidential information.
The subject matter of your proposed legislation is incredibly important.
We are entirely on board.
With the values that you're articulating here.
Arkham.
Largely what we're saying here is we think we've got you covered.
Like we think the city's conflicts of interest law, which is based in those same values that you articulated when you were providing your introductory statement about your bill, I couldn't have said it better myself.
I mean, but we just think that the law actually just already covers it and that ultimately what this would be is essentially redundant with the existing law.
We think, as I said, we think that Chapter 60 of the City Charter has this covered and that the board has the ability and certainly the willingness to enforce the existing provisions.
To address the concerns that you've articulated.
Thank you.
That's all I have, Chair.