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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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Business

Tax the rich to thwart Reform, TUC chief urges Labour

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Tax the rich to thwart Reform, TUC chief urges Labour

The leader of Britain’s trade unions has urged Labour to fight Reform UK by hitting millionaires, banks and gambling with higher taxes.

Paul Nowak, general secretary of the TUC, has published an opinion poll of 5,000 adults.

He says the results suggest a significant number of Labour voters are leaning to Reform.

His call comes ahead of the TUC’s annual conference starting in Brighton this weekend, when the high-tax policy is expected to be overwhelmingly approved.

“I’ve seen first-hand the experience of the wealth tax, the solidarity tax in Spain and it raised billions of euros,” Mr Nowak said in a pre-conference interview with Sky News.

“It didn’t lead to an exodus of millionaires or wealthy people from Spain and Spain now has one of the fastest growing economies in the OECD. So I think it’s a good example of a wealth tax in action.

“But it’s not the only option the government has. They could equalise capital gains tax with income tax.

“They could have a windfall tax on the banks and the financial institutions who have got record profits.

“And they could tax the gambling industry much more fairly.”

Paul Nowak is the leader of the TUC. Pic: PA
Image:
Paul Nowak is the leader of the TUC. Pic: PA

He continued: “The big four banks between them had profits of nearly £46bn last year alone, mainly because we’re in a high interest rates environment.

“Under the previous Conservative government, when the energy companies had huge windfall profits, they moved to a windfall tax, extended by Labour.

“We think they should take a similar approach in banking and other sectors where we may see those windfall profits.”

Labour voters ‘leaning to Reform’

The debate over a wealth tax was triggered by a call by former Labour leader Lord Kinnock, in an interview on Sunday Morning With Trevor Phillips on Sky News on 6 July, for a 2% levy on people with assets of more than £10m.

Weeks later, it was backed by Labour’s former shadow chancellor, Anneliese Dodds, on Sky News political editor Beth Rigby‘s Electoral Dysfunction podcast, but rejected by Chancellor Rachel Reeves.

Ms Reeves will deliver the budget on 26 November.

On the TUC’s poll, carried out on 15-19 August, Mr Nowak said 74% of 2024 Labour voters who are now “leaning to Reform” backed wealth, gambling, and bank taxes.

This was also true for 84% of 2024 Conservative to Labour switchers.

Read more:
No room for Treasury complacency

Dodds says she ‘hopes’ Reeves considering wealth tax

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Is the UK heading into a full-blown financial crisis?

‘A clear dividing line’

“We polled the public on a 2% wealth tax on those with assets of more than £10m,” Mr Nowak said. “Most people would recognise, if you’ve got £10m in assets, you could probably afford to pay a little bit more in tax.

“This is a clear dividing line between the government and Reform, showing you are on the side of working people.

We know some [union] members voted for Reform at the last general election and clearly Reform was the biggest party at the local elections and union members would have been among those who cast their vote for Reform.

Keir Starmer has had a challenging first year as prime minister. Pic: PA
Image:
Keir Starmer has had a challenging first year as prime minister. Pic: PA

“My job isn’t to tell trade union members which way they should vote or not. What we want to do is expose the gap between what Nigel Farage says and what he does.

“He says he stands up for working people and then votes against rights for millions of working people when it’s introduced in parliament.

“He says he stands up for British industry and supports Donald Trump and his destructive tariffs. And he talks about tax cuts for the rich when we know that we need those with the broader shoulders to pay their fair share.”

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Business

Shein investigates after likeness of accused killer Luigi Mangione used to model shirt on fashion giant’s website

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Shein investigates after likeness of accused killer Luigi Mangione used to model shirt on fashion giant's website

Fashion giant Shein has opened an investigation after a shirt was advertised on its site, modelled by a man bearing a striking resemblance to Luigi Mangione, who is accused of murdering a US healthcare chief executive.

The image with Mangione’s likeness, wearing a white, short-sleeved shirt, has since been taken down.

Shein, one of the world’s biggest fast fashion retailers, told Sky News: “The image in question was provided by a third-party vendor and was removed immediately upon discovery.

“We have stringent standards for all listings on our platform. We are conducting a thorough investigation, strengthening our monitoring processes, and will take appropriate action against the vendor in line with our policies.”

The listing was taken down on Wednesday afternoon, according to reports.

As news of the image spread across social media on Tuesday, and ‘Luigi Mangione Shein’ reportedly began trending, many speculated that the picture had been created by AI or photo-shopped.

Some supporters of Mangione accused Shein of using his likeness, while his critics have also described using the photo as a new low.

More on Luigi Mangione

Mangione, 27, is facing trial for fatally shooting UnitedHealth’s insurance CEO, Brian Thompson, outside a New York City hotel in December.

UnitedHealthcare chief executive officer Brian Thompson.
Pic: UnitedHealth Group/AP
Image:
UnitedHealthcare chief executive officer Brian Thompson.
Pic: UnitedHealth Group/AP

Mr Thompson, 50, was shot dead as he walked to a Manhattan hotel where the company, the largest private health insurance firm in the US, was hosting an investor conference.

Mangione denies the state and federal charges against him, including first-degree murder “in furtherance of an act of terrorism”, two counts of second-degree murder, two counts of stalking and a firearms offence.

Prosecutors are seeking the death penalty if he is convicted, saying Mangione targeted Mr Thompson and that he “presents a future danger because he expressed an intent to target an entire industry, and rally political and social opposition to that industry, by engaging in an act of lethal violence”.

After the killing, Mangione was portrayed as a folk hero by some of those opposed to the US healthcare system.

Rallies took place outside court during his appearances and some supporters pledged funds to his defence.

Read more on Sky News:
Chaos and violence on LA’s streets
China’s army of the future on show
France’s government ‘on the brink’

Shein, founded in China in 2012, has built its global reputation on inexpensive, fast-moving fashion trends that attract Gen Z and younger millennials. Its products are shipped to more than 100 countries.

In January, a senior company lawyer was unable to say if the company sells products containing cotton from Xinjiang, the region of China where it’s alleged members of the Uyghur ethnic group are forced to work against their will, accusations China denies.

Sky News has contacted Shein for comment.

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Technology

Trump to host tech CEOs over dinner for inaugural event in renovated Rose Garden

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Trump to host tech CEOs over dinner for inaugural event in renovated Rose Garden

U.S. President Donald Trump and first lady Melania Trump walk to the Rose Garden of the White House to hold a signing ceremony for the Take it Down Act, in Washington, D.C., U.S., May 19, 2025.

Kevin Lamarque | Reuters

U.S. President Trump will host two dozen high-profile tech and business leaders for an inaugural event in the White House’s renovated Rose Garden on Thursday. 

Invitees include Meta founder Mark Zuckerberg, Apple CEO Tim Cook, Microsoft founder Bill Gates and OpenAI founder Sam Altman, according to a list confirmed by a White House official. 

The meeting is expected to be held over dinner after a separate White House event on artificial intelligence hosted by first lady Melania Trump.

The gathering underscores what has been a close but complicated relationship between Trump and the Big Tech sector in his second administration. 

Many of the aforementioned executives have sought friendlier ties with Trump, often appearing at events alongside the president to announce moves that align with the administration’s goals on emerging technologies and American reshoring. 

Invitees to the event also include other tech leaders, such as OpenAI president Greg Brockman; Google co-founder Sergey Brin; Palantir chief technology officer Shyam Sankar; and co-founder of Scale AI and head of a superintelligence team at Meta, Alexandr Wang.

CEOs such as Google’s Sundar Pichai, Microsoft’s Satya Nadella, Oracle‘s Safra Catz, and Micron Technology‘s David Limp have also been invited. 

Unsurprisingly, David Sacks, a venture capitalist serving as the White House’s crypto and AI czar, is expected to be at the event. Jared Isaacman, founder of Shift4, is also expected to attend despite Trump withdrawing his nomination to run NASA in June.

Notably, Tesla CEO and SpaceX founder Elon Musk, who previously served as a special government employee in the first few months of the latest Trump administration and later had a public falling out with the president, was not on the invitation list.

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