Short Answer

Both the model and the market expect FISA Section 702 reauthorization (any length) to become law in 2026, with no compelling evidence of mispricing.

1. Executive Verdict

  • Credit card routing bill lacks committee support, showing no advancement intent.
  • "Housing for 21st Century Act" identified as key NRCC legislative priority.
  • FISA Section 702 garnered significant congressional attention in early 2026.
  • No lower-profile, bipartisan, negligible-cost bills were identified.

Who Wins and Why

Outcome Market Model Why
FISA Section 702 reauthorization (2 years) 34.0% 35.3% The prior determination that FISA Section 702 will be reauthorized for any length substantially increases the probability of a specific 2-year reauthorization becoming law, though the market's 21.3% reflects that a 2-year term is only one of several possible reauthorization durations.
SHOWER Act 24.0% 13.0% The provided research does not contain any information regarding the SHOWER Act, therefore there is no new evidence to shift the probability, making the debiased price of 13.0% a fair assessment.
Critical-minerals stockpile 46.0% 30.1% While sponsors Senator Shaheen and Representative Wittman hold influential committee positions, the research explicitly notes a lack of specific documentation for their history of successfully attaching similar policy riders to must-pass legislation in recent sessions.
$2.50 Coin 18.0% 8.8% The strongest reason for the market's current price is the critical mineral bill sponsors' influential committee positions, yet the evidence indicates they lack a documented history of successfully attaching similar policy riders to major legislation, suggesting a lower likelihood of passage via that common mechanism.
Credit-card routing competition 8.0% 3.1% The provided background research does not contain any specific evidence relevant to the Credit-card routing competition market, thus the debiased price of 3.1% remains the fair anchor.

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
Based on the chart data provided, the price for this market has demonstrated a complete lack of volatility, remaining entirely flat. The probability has held constant at 8.0% across all 283 data points, from the market's inception to the present. Consequently, there are no significant price movements, spikes, or drops to analyze. The 8.0% price point serves as the de facto support and resistance level, but only because the price has never deviated from this mark.
The trading volume for this market is exceptionally low, with only 19 contracts traded in total. This minimal activity suggests a significant lack of trader participation and conviction. The flat price is a direct result of this illiquidity, as there has been insufficient trading to establish a new consensus price. Since there have been no price changes, it is not possible to correlate any movements with external events. Overall, the chart indicates a dormant market. The current 8.0% probability does not reflect an active consensus but rather a baseline starting point that has not been challenged or confirmed by meaningful trading volume.

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

Outcome: Critical-minerals stockpile

📉 April 25, 2026: 9.0pp drop

Price decreased from 55.0% to 46.0%

What happened: No supporting research available for this anomaly.

Outcome: FISA Section 702 reauthorization (2 years)

📈 April 18, 2026: 9.0pp spike

Price increased from 21.0% to 30.0%

What happened: No supporting research available for this anomaly.

4. Market Data

View on Kalshi →

Contract Snapshot

The market resolves to Yes if legislation establishing a federal critical-minerals reserve becomes law before January 1, 2027, verified by the Library of Congress. This requires the bill to pass the full chamber and be signed by the President or become law through veto override; joint resolutions are treated as bills, and treaties require two-thirds Senate approval. Otherwise, including cases of expired presidential pocket vetoes, the market resolves to No by January 1, 2027, 10:00 am EST, though it may close earlier if the outcome occurs.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
ROTOR Act $0.75 $0.31 70%
DEFIANCE Act $0.68 $0.35 62%
Housing for the 21st Century Act $0.62 $0.42 58%
Critical-minerals stockpile $0.51 $0.55 46%
Hot Rotisserie Chicken Act $0.42 $0.59 42%
Export-control chip security $0.36 $0.69 36%
FISA Section 702 reauthorization (2 years) $0.36 $0.65 34%
AI-chip export licensing $0.25 $0.78 26%
SHOWER Act $0.23 $0.81 24%
SELF DRIVE Act $0.21 $0.80 21%
Smithsonian Women’s History Museum $0.21 $0.85 21%
Film/TV production expensing $0.25 $0.80 19%
$2.50 Coin $0.18 $0.86 18%
Data center utility cost protection $0.21 $0.84 15%
Trump Airport $0.12 $0.90 10%
Trump's Birthday as a federal holiday $0.09 $0.96 9%
Credit-card routing competition $0.14 $0.91 8%
White House ballroom funding $0.24 $0.83 0%

Market Discussion

Limited public discussion available for this market.

5. Do Critical Mineral Bill Sponsors Have Rider Attachment History?

Critical Minerals Bill SponsorsSenator Jeanne Shaheen (D-NH), Representative Rob Wittman (R-VA) [^]
Senator Shaheen's Key CommitteesSenate Armed Services Committee, Senate Appropriations Committee [^]
Critical Minerals Rider HistoryNo explicit evidence of successful attachment found in last two sessions [^]
A proposed bill seeks to increase the domestic supply of critical minerals and establish a strategic resilience reserve [^] . Shaheen and Young, Reps. Wittman a... | U.S. Senator Jeanne Shaheen">[^]. This legislation is sponsored by Senator Jeanne Shaheen (D-NH) and Representative Rob Wittman (R-VA) [^]. Senator Shaheen holds positions on both the Senate Armed Services Committee and the Senate Appropriations Committee [^]. Representative Wittman serves as a senior member of the House Armed Services Committee, also acting as its Vice Chairman and Chairman of the Tactical Air and Land Forces Subcommittee for the 118th Congress [^].
Evidence of successful policy rider attachment is not available for these sponsors. The provided research does not contain specific documentation detailing a history of successfully attaching similar policy riders to the National Defense Authorization Act (NDAA) or omnibus spending bills in the last two congressional sessions for critical minerals or related national security policies [^]. While the sponsors' committee roles and their sponsorship of the critical minerals bill are confirmed, explicit evidence of successful rider attachment is lacking. Additionally, the available sources do not include any information about "AI-chip export licensing" bills, their sponsors, committee assignments, or a history of attaching policy riders [^].

6. Are Credit Card Competition Bill Markups Advancing in Congress?

Senate Committee Credit Card AmendmentWithdrawn October 2026 [^]
House Committee Markup IntentNo public statements since Q3 2025 [^]
Banking Sector Lobbying Spend Q1 2026Projected over $50 million [^]
Congressional committee chairs show no intent to advance credit card routing bill. Since Q3 2025, neither the Chair of the Senate Banking Committee nor the Chair of the House Financial Services Committee has publicly indicated an intent to schedule a markup for the 'Credit Card Competition Act of 2026' (S.3623) [^]. On October 26, 2026, Senate Banking Committee Chairman Sherrod Brown oversaw the advancement of a digital assets bill; however, an amendment proposing credit card routing requirements was withdrawn during the markup due to concerns expressed by Senator Brown, signifying a lack of committee support for such provisions in that context [^]. Similarly, House Financial Services Committee Chairman J. French Hill has not made any public statements since Q3 2025 regarding a markup for the credit card routing legislation, even while supervising markups for other bills in April and May 2026 [^].
Lobbying efforts intensified, with banking opposing and retail supporting the bill. The banking sector's lobbying expenditures, specifically targeting opposition to the 'Credit Card Competition Act' (S.3623), are projected to increase from $47 million in Q4 2025 to over $50 million in Q1 2026 [^]. Concurrently, the retail sector increased its lobbying efforts to $8 million in Q4 2025, advocating for the bill [^].

7. Which Specific Legislative Bills are Prioritized by NRCC and DCCC?

NRCC Explicit Bill Priority"Housing for the 21st Century Act" [^]
NRCC Broader Legislative Theme"Big, Beautiful Bill" (as an agenda moniker) [^]
DCCC Explicit Bill MentionsNo specific partisan bills explicitly named [^]
The National Republican Congressional Committee (NRCC) explicitly identifies the "Housing for the 21st Century Act" as a key legislative priority. The NRCC consistently highlights this bill in its press releases, commending Republican candidates and incumbents for their dedication to advancing it as a means to foster affordable housing and safeguard the American Dream [^]. Furthermore, the NRCC promotes a broader "Big, Beautiful" messaging framework, encompassing a legislative agenda aimed at increasing housing supply and driving economic growth. It is important to note that "Big, Beautiful Bill" functions as a thematic moniker rather than a formally titled piece of legislation [^].
The Democratic Congressional Campaign Committee (DCCC) critiques Republican actions without explicitly naming specific partisan bills. The DCCC's materials primarily focus on challenging Republican themes and policies rather than promoting particular legislation [^]. For instance, the DCCC references "Trump's move to hold billions in federal funding for New York City airport renovations hostage," which indirectly alludes to the concept of a "Trump Airport" bill without specifying a formal legislative title [^]. Similarly, the DCCC uses quotation marks when critiquing the "GOP's 'big beautiful bill'," challenging the Republican messaging theme and its reported negative effects, such as on hospitals [^]. The DCCC also mentions the "tanking" of "bipartisan housing negotiations" but does not attribute this outcome to a specific named housing bill in that context [^].

8. Which Lower-Profile Bills Meet Bipartisan Leadership and Negligible Cost Criteria?

SHOWER Act (H.R. 4593) StatusOpposing party leadership co-sponsor and CBO score details not available [^].
$2.50 for America’s 250th Act (H.R. 5616) StatusOpposing party leadership co-sponsor and CBO score details not available [^].
Smithsonian National Museum of the American Latino Act (H.R. 1330) StatusOpposing party leadership co-sponsor and CBO score details not available [^].
Insufficient data prevented identifying bills meeting specific legislative requirements. The research materials did not contain adequate specific details to confirm which lower-profile bills have secured at least one co-sponsor from the opposing party's formal leadership and simultaneously received a Congressional Budget Office (CBO) score of "negligible cost." Information pertaining to specific co-sponsor details, their party leadership roles, or official CBO cost assessments was absent from the available information.
Specific bills reviewed lacked crucial details for a complete assessment. Bills examined included the SHOWER Act (H.R. 4593) [^], the $2.50 for America’s 250th Act (H.R. 5616) [^], and the Smithsonian National Museum of the American Latino Act (H.R. 1330) [^]. While general legislative progress is tracked on platforms such as GovTrack.us and BillTrack50, the precise data points needed, specifically opposing party leadership co-sponsorship and a "negligible cost" CBO score, were not found within the provided research. Consequently, none of the bills on the list could be verified as meeting all specified conditions.

9. What Expiring Legislative Provisions Were Discussed in Early 2026?

FISA Section 702 ExpirationMarch 15, 2026 (Congressional Research Service, January 14, 2026) [^]
ACA Tax CreditsExtension advocated by House Leader Jeffries (January 8, 2026) [^]
Congressional Debate on FISAOngoing discussions on reauthorization (Congressional Record, April 16, 2026, and January 12, 2026) [^]
FISA Section 702 garnered significant congressional attention in early 2026. Congressional discussions in Q1 and Q2 2026 frequently highlighted FISA Section 702 as a critical expiring authority. Senator Chuck Grassley advocated for its reauthorization [^], while Senator Dick Durbin urged reforms prior to its scheduled expiration [^]. Debate and calls for reauthorization were also recorded in the Congressional Record on April 16, 2026, and January 12, 2026 [^]. A Congressional Research Service report on January 14, 2026, detailed FISA Section 702's anticipated expiration on March 15, 2026, alongside related policy considerations [^].
Affordable Care Act tax credits were a focus of early 2026 legislative discussion. In addition to FISA, another key expiring provision identified was the Affordable Care Act (ACA) tax credits. House Leader Hakeem Jeffries, in a floor statement on January 8, 2026, explicitly called for a "yes" vote to extend these tax credits [^]. While this research primarily covers Q1 and Q2 2026, rather than Q4 2026, these identified items are significant expiring provisions typically considered for legislative action if their resolution was pending, such as in a year-end 'lame-duck' omnibus package.

10. What Could Change the Odds

Key Catalysts

Catalyst analysis unavailable.

Key Dates & Catalysts

  • Expiration: January 01, 2027
  • Closes: January 01, 2027

11. Decision-Flipping Events

  • Trigger: Catalyst analysis unavailable.

13. Historical Resolutions

Historical Resolutions: 1 markets in this series

Outcomes: 1 resolved YES, 0 resolved NO

Recent resolutions:

  • KXBILLS-FISAANY: YES (Apr 18, 2026)