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.
Now, in social media posts and an appearance on boyfriend Travis Kelce’s sports podcast, Swift revealed just what fans can expect from the new album.
Image: Taylor Swift and boyfriend Travis Kelce on the New Heights podcast. Pic: New Heights
The Life of Showgirl, written during the European leg of her record-breaking Eras tour, will be released on 3 October.
It consists of 12 songs, including the title track that features pop star Sabrina Carpenter.
The full track list is:
1. The Fate Of Ophelia 2. Elizabeth Taylor 3. Opalite 4. Father Figure 5. Eldest Daughter 6. Ruin The Friendship 7. Actually Romantic 8. Wi$h Li$t 9. Wood 10. Cancelled! 11. Honey 12. The Life Of A Showgirl (featuring Sabrina Carpenter)
Long-time collaborators Max Martin and Shellback, two Swedish producers who worked with Swift on some of her biggest hits, joined the pop star for this album.
Within four hours of posting the full podcast episode on YouTube, it had already gathered 4.7m views.
Image: The cover of Taylor Swift’s newly announced album. Pic: Republic Records
Image: The back cover of Taylor Swift’s 12th studio album The Life Of A Showgirl. Pic: Republic Records
‘The hardest-working star in pop’
The album follows last year’s The Tortured Poets Department, which was released during the Eras tour.
That tour, with shows on five continents and in 51 cities, raked in more than $2.2bn (£1.62bn) and was the highest-grossing tour of all time.
“This album is about what was going on behind the scenes in my inner life during this tour, which was so exuberant and electric and vibrant,” Swift said during her podcast appearance.
Sky News culture and entertainment reporter Gemma Peplowsaid after her globe-trotting tour and a swathe of re-releases over recent years, the new album cemented Swift’s reputation “as the hardest-working star in pop”.
But there are fears they will discuss a deal robbing Ukraine of the land currently occupied by Russia – something Volodymyr Zelenskyy has said he won’t accept.
Here’s what three of our correspondents think ahead of the much-anticipated face-to-face.
Putin’s legacy is at stake – he’ll want territory and more By Ivor Bennett, Moscow correspondent, in Alaska
Putin doesn’t just want victory. He needs it.
Three and a half years after he ordered the invasion of Ukraine, this war has to end in a visible win for the Russian president. It can’t have been for nothing. His legacy is at stake.
So the only deal I think he’ll be willing to accept at Friday’s summit is one that secures Moscow’s goals.
These include territory (full control of the four Ukrainian regions which Russia has already claimed), permanent neutrality for Kyiv and limits on its armed forces.
I expect he’ll be trying to convince Trump that such a deal is the quickest path to peace. The only alternative, in Russia’s eyes, is an outright triumph on the battlefield.
Image: Vladimir Putin and Donald Trump meeting in Osaka in 2019
I think Putin‘s hope is that the American president agrees with this view and then gives Ukraine a choice: accept our terms or go it alone without US support.
A deal like that might not be possible this week, but it may be in the future if Putin can give Trump something in return.
That’s why there’s been lots of talk from Moscow this week about all the lucrative business deals that can come from better US-Russia relations.
The Kremlin will want to use this opportunity to remind the White House of what else it can offer, apart from an end to the fighting.
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4:25
What will Kyiv be asked to give up?
Ukraine would rather this summit not be happening By Dominic Waghorn, international affairs editor, in Ukraine
Ukraine would far rather this meeting wasn’t happening.
Trump seemed to have lost patience with Putin and was about to hit Russia with more severe sanctions until he was distracted by the Russian leader’s suggestion that they meet.
Ukrainians say the Alaska summit rewards Putin by putting him back on the world stage.
But the meeting is happening, and they have to be realistic.
Most of all, they want a ceasefire before any negotiations can happen. Then they want the promise of security guarantees.
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2:35
Does Europe have any power over Ukraine’s future?
That is because they know that Putin may well come back for more even if peace does break out. They need to be able to defend themselves should that happen.
And they want the promise of reparations to rebuild their country, devastated by Putin’s wanton, unprovoked act of aggression.
There are billions of Russian roubles and assets frozen across the West. They want them released and sent their way.
What they fear is Trump being hoodwinked by Putin with the lure of profit from US-Russian relations being restored, regardless of Ukraine’s fate.
Image: US Army paratroopers train at the military base where discussions will take place. File pic: Reuters
That would allow Russia to regain its strength, rearm and prepare for another round of fighting in a few years’ time.
Trump and his golf buddy-turned-negotiator Steve Witkoff appear to believe Putin might be satisfied with keeping some of the land he has taken by force.
Putin says he wants much more than that. He wants Ukraine to cease to exist as a country separate from Russia.
Any agreement short of that is only likely to be temporary.
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1:41
Zelenskyy: I told Trump ‘Putin is bluffing’
Trump’s pride on the line – he has a reputation to restore By Martha Kelner, US correspondent, in Alaska
As with anything Donald Trump does, he already has a picture in his mind.
The image of Trump shaking hands with the ultimate strongman leader, Vladimir Putin, on US soil calls to his vanity and love of an attention-grabbing moment.
There is also pride at stake.
Image: Joint Base Elmendorf-Richardson in Alaska, where Trump will meet his Russian counterpart. File pic: Reuters
Trump campaigned saying he would end the Russia-Ukraine war on his first day in office, so there is an element of him wanting to follow through on that promise to voters, even though it’s taken him 200-plus days in office and all he’s got so far is this meeting, without apparently any concessions on Putin’s end.
In Trump’s mind – and in the minds of many of his supporters – he is the master negotiator, the chief dealmaker, and he wants to bolster that reputation.
He is keen to further the notion that he negotiates in a different, more straightforward way than his predecessors and that it is paying dividends.
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