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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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Avs show off ‘deeper’ team in late scoring barrage

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Avs show off 'deeper' team in late scoring barrage

DENVER — With a five-goal third-period barrage that saw a different player score each goal Friday night, the Colorado Avalanche showed the version of the team they believe can make up for last year’s first-round exit a year after winning the Stanley Cup.

The Avs cruised to a 6-2 win against the Winnipeg Jets to take a 2-1 series lead in the Western Conference quarterfinals.

“Last year, we had no goals outside of our top three forwards and defensemen,” Avalanche coach Jared Bednar said. “This year, I don’t know, you’d have to total it up, but it’s huge contributions. We’re a deeper team. There’s no question about it.”

A lack of secondary and tertiary scoring last season contributed to the Avs scoring 19 goals in the first round before they were eliminated in seven games by the Seattle Kraken.

They already have 17 goals through three first-round games this year, with 10 of them coming from beyond their first line and their top defensive pairing.

Veteran winger Zach Parise, who signed with the Avs in February to win his first Stanley Cup, staked the team to a 1-0 lead before the Jets used the second period to take a 2-1 lead through Tyler Toffoli and Josh Morrissey.

Penalties, however, played a role in grounding the Jets in the third period.

“Since I’ve been here, I thought the third was the best period we’ve played,” said Avalanche center Casey Mittelstadt, the team’s trade deadline acquisition who finished with three assists.

A power-play goal from Nathan MacKinnon tied the score a little more than two minutes into the third. The Avs took the lead through another power-play goal from Valeri Nichushkin almost two minutes later.

Goals from Artturi Lehkonen and Ross Colton extended the lead to 5-2 before Devon Toews’ empty-net goal made it 6-2 with 3:35 remaining in the game.

“I think for us, being down one in the third there, we didn’t sit back on our heels,” Colton said. “I think we just kind of took it to them. When we play with that speed and that energy, we’re a good team. Obviously, we had some power plays, but we drew them with hard work and getting in on the forecheck and putting them under pressure. It all starts with that.”

At the end of the game, there was an on-ice scrum between the Avs and Jets that saw Jets defenseman Brenden Dillon emerge with a bloodied, lacerated left hand. Dillon immediately left the ice and entered the Jets’ dressing room.

Jets coach Rick Bowness said there was no immediate update available on Dillon’s condition.

“Obviously, a scary situation there,” Morrissey said. “I don’t really have anything to say, but we’re all really concerned for him and just hoping everything is OK.”

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R Kelly loses appeal to overturn 20-year sentence for child sex abuse

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R Kelly loses appeal to overturn 20-year sentence for child sex abuse

R Kelly’s challenge against a 20-year sentence for child sex convictions has been quashed by an appeals court. 

The singer was correctly sentenced to 20 years in prison, a Chicago court ruled on Friday.

He was convicted in 2022 on three charges of producing child sexual abuse images and three charges of enticement of minors for sex.

In his appeal, Kelly, 57, argued Illinois’ old statute of limitations – which required prosecution of child sex crime charges within 10 years – should have applied, rather than the current law permitting charges while an accuser is still alive.

The appeals court rejected this, labelling it an attempt by Kelly to elude the charges entirely after “employing a complex scheme to keep victims quiet”.

He also argued that charges involving one accuser should have been tried separately from the charges tied to three other accusers due to video evidence that became a focal point of the Chicago trial.

Prosecutors have said the video showed Kelly abusing a girl. The accuser, only identified as Jane, testified for the first time that she was 14 when the video was taken.

The three-judge panel from the appeals court noted jurors acquitted Kelly on seven of the 13 counts against him “even after viewing those abhorrent tapes”.

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In a written statement, Kelly’s attorney Jennifer Bonjean said they plan to seek a US Supreme Court review of the decision and “pursue all of his appellate remedies until we free R Kelly”.

“We are disappointed in the ruling, but our fight is far from over,” she said.

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ITV newsreader Rageh Omaar ‘receiving medical care’ after on-screen behaviour worries fans

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ITV newsreader Rageh Omaar 'receiving medical care' after on-screen behaviour worries fans

ITV News presenter Rageh Omaar is “receiving medical care” after becoming “unwell” live on-air, the TV channel says.

Omaar, 56, was presenting News At Ten on Friday when he appeared to be struggling to read the news bulletins, stumbling over words, prompting concern online.

ITV pulled the show from its scheduled re-run on ITV+1, telling viewers that the channel was “temporarily unable to bring you our +1 service”.

Afterwards, an ITV News spokesperson said: “We are aware that viewers are concerned about Rageh Omaar’s wellbeing.

“Rageh became unwell while presenting News at Ten on Friday and is now receiving medical care.

Rageh Omaar attending the ITV Palooza held at the Royal Festival Hall, Southbank Centre, London. Picture date: Tuesday November 23, 2021.
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Rageh Omaar in 2021. File pic: PA

“He thanks everyone for their well wishes.”

No further details were given and it is unclear what was happening to Omaar during the broadcast.

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Omaar covers major news stories as ITV’s international affairs editor, while also presenting the channel’s current affairs programme On Assignment.

He was previously a senior foreign correspondent for the BBC, rising to prominence during the invasion of Iraq in 2003.

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