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Congressional stock trading has fallen off sharply this year, according to an analysis by a popular financial news site and some insiders believe its because US lawmakers are feeling heat from a possible legislative clampdown.

The volume of stock trades made by members of Congress tumbled more than 75% in the nine months of this year to just 1,800 trades versus 8,000 a year earlier, according to data from Unusual Whales. 

Former House Speaker Nancy Pelosi has made just six trades this year as a congresswoman representing San Francisco. Those include selling Roblox shares, buying Apple and Microsoft shares and acquiring a stake in a luxury hotel, according to recent filings.

Thats a steep dropoff from the 39 trades she made in 2022, the 24 trades she made in 2021, and the 38 trades she made in 2020.

A spokesperson for Pelosi did not respond to a request for comment.

While the markets have been bumpy this year, overall trading volume is down just 10%, according to CBOE data, versus the three-quarters plunge inside Congress.

Passing legislation, sources say, is critical to keep Congress from trading again.

If a movement doesnt turn into a law, Congress isnt going to remain scared, Jeff Hauser, founder of nonprofit watchdog the Revolving Door Project, said. The combination of a bill that could pass and the broader conversation acts as a deterrent.

Ethics experts say the another reason may simply be that members dont feel the trades are worth the trouble anymore.

Federal Reserve governors Eric Rosengren and Robert Kaplan resigned after scrutiny of their trades. Now-retired Sen. Richard Burr stepped down as Chair of the Intelligence Committee and now-ex-Sen. James Inhofe resigned after scrutiny of trades. 

It may not be worth the grief, Charles Stewart III, a political science professor at MIT, told On The Money.

The founder of Unusual Whales, who prefers to remain anonymous, notes that members of Congress have lately been far more diligent about filing their trades quickly. The STOCK Act requires members to file their trades within 45 days but members of Congress like Pelosi lately are filing within just a few days.

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There is limited upside and maybe a lot of downside to congressional trading these days, agrees Thomas Hayes, chairman at Great Hill Capital. Shining a light on this has played a big role.

Another issue: Some of the most lucrative, valuable stocks like Google and Amazon which Pelosi had snatched up are presenting an even greater conflict of interest than they did previously.

The tech high flyers that many members wanted to trade in are politically fraught these days a reference to lawsuits both Google and Amazon are facing, Stewart adds.

While some applaud the recent trend, others are more cautious and note stronger laws against stock trading need to be codified. 

Attention helps and attention makes transparency more effective, Jeff Hauser, founder of nonprofit watchdog the Revolving Door Project, said. But even more effective than transparency is strict rules.

As for the question of whether regulators will ever be willing to regulate themselves, the answer is almost always no. Still, Hauser is optimistic that with enough sticks not to mention the dwindling supply of carrots lawmakers could eventually succumb. 

If the momentum grows big enough, it could pass, Hauser said. And it only has to pass one time.

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DeFi revives the spirit of capitalism

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DeFi revives the spirit of capitalism

Decentralized finance is giving capitalism a makeover. There’s finally a version where everyone gets a fair shot, and everything’s out in the open.

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Landmark moment as the return of Trump stuns UK into action on defence

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Landmark moment as the return of Trump stuns UK into action on defence

This is the moment the government finally woke up to the enormity of the threat faced by the UK and the inability of its hollowed-out armed forces to cope.

But make no mistake, today’s decision to increase military spending is not just about increasing the number of troops, warships and fighter jets or even ensuring they can use the latest drones, satellites or artificial intelligence breakthroughs.

This is an emergency that requires the entire nation to take responsibility for – or at least an interest in – the defence of the nation and the importance of being able to deter threats.

Politics latest: PM makes defence commitment

Sir Keir Starmer signalled this fundamental shift in priorities when he told parliament: “We must change our national security posture because a generational challenge requires a generational response that will demand some extremely difficult and painful choices.”

He continued: “And through those choices, as hard as they are, we must also seek unity. A whole society effort that will reach into the lives, the industries, and the homes of the British people.”

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Starmer announces defence spending hike

Such a proposal is not something new.

The UK has a long history of being prepared for war.

The entirety of the Cold War era was framed around ensuring the UK had enough troops and reservists to fight a sustained conflict, supported by a vast industrial base to produce weapons and a society that was intrinsically resilient, with the ability to sustain itself with emergency food rations, power supplies and an understanding of the need to be prepared to respond in an emergency.

Back then, the threat was war – maybe even nuclear annihilation – with the Soviet Union.

Today the threat is just as stark but also far more complex.

Russia is the immediate danger. But China poses a long-term challenge, while Iran and North Korea are also menacing adversaries.

Most fundamentally though is the change in the UK’s ability to rely squarely on its strongest ally, the United States.

Donald Trump, with his resentment of shouldering the responsibility for European security, has made clear the rest of the transatlantic NATO alliance must take much more of the share of defending themselves.

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‘The world is becoming more dangerous’

He has also signalled that he may not even be willing to deploy America’s powerful military to defend every single member state – singling out those who pay far too little on their defences.

He has a point when it comes to Europe freeloading on the might of the United States for too long.

But the suggestion that European allies can no longer automatically rely on their American partner to come to their aid is enough to call into question the value of Article 5 of the NATO Alliance, which states an attack on one is an attack on all.

When it comes to deterring foes, there must be no such uncertainty between friends.

Read more from Sky News:
Why Trump wants Ukraine’s minerals
Putin hints at potential deals with US
Sanctions have changed European imports

Soldiers from 5 Scots during training at West Freugh Airfield as they take part in Exercise Joint Warrior, which sees warships, submarines and aircraft take to the west coast of Scotland for a two-week training exercise. PRESS ASSOCIATION Photo. Picture date, Monday April 16, 2012. The exercise is held twice a year to prepare forces from the UK, US, Denmark, Norway, France, Canada, Germany and the Netherlands for events and active service. See PA story DEFENCE Exercise. Photo credit should read:
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File pic: PA

It is why countries across Europe are being urged by the new head of NATO to rapidly ramp up defence spending and adopt what NATO Secretary General Mark Rutte has called a “war mindset”.

The UK, who along with France are the only two NATO powers in Europe to possess nuclear weapons, has a bigger responsibility than most to heed that call.

Russia’s invasion of Crimea in 2014 was not a sufficient enough alarm bell.

Eve Russian President Vladimir Putin’s full-scale war in Ukraine in 2022 failed to shake the UK and most of the rest of Europe from their slumber.

Instead, it seems the return of Donald Trump to the White House, with all the unpredictability that he brings, is the final shock that has stunned the UK into action.

Of course, defence insiders know that increasing spending to 2.5% of GDP by 2027 is not soon enough.

But this – coupled with Sir Keir’s language about the need for a “generational response” – is a landmark moment.

The beginning of the correction of a strategic mistake made by Labour and Conservative governments over years to take a “holiday from history” and fail to find credible, capable armed forces and ensure society understands the importance of defence and the ability to deter.

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Badenoch says US is acting in its national interest – and UK must do the same

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Badenoch says US is acting in its national interest - and UK must do the same

Kemi Badenoch has said the US is acting in its national interest and the UK also needs to, ahead of Sir Keir Starmer’s meeting with Donald Trump.

The Conservative leader, giving a foreign policy speech in London on Tuesday, told Sky News’ political editor Beth Rigby the US is “not an authoritarian regime” and shares the same Western values as the UK, including free trade, free enterprise and free speech.

On Monday, the US sided with Russia on two UN resolutions when they declined to condemn Russia’s war in Ukraine, and backed a resolution for the conflict’s end that avoided labelling Russia as the aggressor or acknowledging Ukraine’s territorial integrity.

Politics latest: UK defence spending to rise to 2.5% of GDP

Ms Badenoch said the second resolution showed the US “acting in its national interests”.

“It is being realistic and we need to be so too,” she said.

“Now, that doesn’t mean we’re going to agree on everything. We disagree with them on that resolution, for example.

“But that is why I want the prime minister to be successful in his talks and find out what the thinking was behind that.”

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Putin hints at potential deals with US

‘Absolutely critical’ Starmer succeeds in DC

Ms Badenoch also said it is “absolutely critical” that Sir Keir succeeds in his talks on ending the war in Ukraine with Mr Trump on Thursday.

However, she did not provide details of exactly what he should succeed in.

Sir Keir is expected to discuss the importance of Ukraine’s independence, European involvement in peace talks and US security guarantees with Mr Trump.

Mr Trump, since becoming president just over a month ago, has called Ukrainian president Volodymyr Zelenskyy a dictator and suggested Kyiv started the war.

He has also sent US officials to negotiate with Russia in Saudi Arabia – but did not invite Ukraine or any European leaders.

A serviceman of the 93rd Kholodnyi Yar Separate Mechanized Brigade of the Ukrainian Armed Forces launches a reconnaissance drone at his position on a front line, amid Russia's attack on Ukraine, near the town of Toretsk, Donetsk region, Ukraine, February 22, 2025. Iryna Rybakova/Press Service of the 93rd Kholodnyi Yar Separate Mechanized Brigade of the Ukrainian Armed Forces/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.
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The third anniversary of the Ukraine war took place on Monday. Pic: Reuters

Call for Starmer to cut development aid and welfare budget

Ms Badenoch urged Sir Keir to “repurpose” development aid in the short term and look to make welfare savings to fund increased defence spending.

She said 2.5% of GDP on defence is “now no longer sufficient” because any country that “spends more on debt interest than it does on defence, as the UK does today, is destined for weakness”.

“I will back the prime minister in taking these difficult decisions,” she added.

Her call came ahead of the prime minister’s unexpected statement on Tuesday lunchtime, in which he said UK defence spending will rise to 2.5% by 2027, and 3% in the next parliament.

Read more:
Starmer says ‘US is right’ about UK defence

Russian oligarchs face UK ban

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You can email James, Mark and Martha on trump100@sky.uk

The world has changed and the UK is not ready

Ms Badenoch said the UK must “accept reality” that the world has changed and “we can no longer hide behind vapid statements that were at best ambitious 20 years ago and are now today outright irrelevant”.

“It is time to speak the truth. The world has changed and the UK is not ready, so we must change too,” she said.

She accused the West of not doing enough to support Ukraine as “we were too ineffective, too indecisive and too often behind the curve”.

Because of that, she said: “Putin gained what he needed most, time. We now see the consequences.

“An end to the war is being negotiated while a fifth of Ukrainian territory is under enemy occupation.”

However, she said she was proud of the support her government gave Ukraine in the run-up to Vladimir Putin’s invasion and “in those first crucial weeks and months of the war”.

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