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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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NHL fines Senators, Cousins for pregame conduct

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NHL fines Senators, Cousins for pregame conduct

The NHL fined the Ottawa Senators $25,000 and forward Nick Cousins $2,083.33 for an incident of “unsportsmanlike conduct” in warmups ahead of Game 3 of the team’s first-round Stanley Cup playoff series against the Toronto Maple Leafs on Thursday.

Cousins’ fine is the maximum allowed to a player under the NHL/NHLPA collective bargaining agreement.

With warmups underway, Cousins was spotted flipping a puck across the center ice line at Maple Leafs goaltender Anthony Stolarz as he went through his pregame routine.

The two players have history as teammates with Philadelphia Flyers from 2016-17 and with the Stanley Cup-winning Florida Panthers last season. Senators coach Travis Green emphasized that familiarity when asked about the NHL’s investigation Friday, while otherwise keeping his answer lighthearted.

“It’s an active investigation. I don’t know if I should be commenting,” said Green, drawing laughter from the gathered media. “I have people that have advised me maybe not to comment on it.

“I’m kidding. I saw the video. Stolarz and Cousins have played together. [Cousins] is probably trying to laugh at him or make a joke or get him off his game. It is what it is.”

Green went on to confirm he had spoken to Cousins about the puck flip.

“[He just said] I know him,” Green said of Cousins’ reasoning. “Game within the game. Happens probably a lot more than you think.”

Toronto took a commanding 3-0 lead in the best-of-seven series with a 3-2 overtime victory. Ottawa will try to stave off elimination in Game 4 on Saturday.

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Canadiens keep injured Laine out for Game 3

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Canadiens keep injured Laine out for Game 3

MONTREAL — Montreal‘s Patrik Laine is out for Friday’s Game 3 of the Canadiens’ first-round playoff series against Washington because of an upper-body injury.

Laine missed the team’s morning skate, and the Canadiens said he will be evaluated daily.

Laine, 27, was benched for the third period of Wednesday’s 3-1 loss in Game 2 after a difficult first two periods. Kasperi Kapanen replaced Laine, while defenseman Arber Xhekaj was inserted into the lineup for Jayden Struble.

The Capitals lead the best-of-seven series 2-0.

Laine, known for his dangerous shot, hasn’t scored in his past seven games.

The Canadiens acquired Laine and a second-round draft pick from the Columbus Blue Jackets last summer for defenseman Jordan Harris.

Laine had 20 goals, including 15 on the power play, and 13 assists in 52 games this season after missing the first two months with a knee injury.

“We have some guys battling things, so we’ll see what we start with tonight,” Canadiens coach Martin St. Louis said earlier Friday. “Obviously in a series, during games, you make adjustments. That’s part of a best-of-seven.”

Montreal is hosting its first playoff game in front of a sold-out crowd since 2017. The Canadiens played in an empty, or reduced-capacity, Bell Centre during their run to the Stanley Cup Final in 2021.

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Oilers turn to Pickard in goal to avoid 3-0 hole

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Oilers turn to Pickard in goal to avoid 3-0 hole

The Edmonton Oilers are making a goaltender change, putting Calvin Pickard in the crease for Game 3 of their Western Conference first-round series against the visiting Los Angeles Kings.

Looking to avoid being pushed to the brink of elimination, the Oilers are turning to Pickard after Stuart Skinner yielded 11 goals on 58 shots as the Kings captured a 2-0 lead in the best-of-seven series.

Pickard relieved Skinner midway through the third period of Game 2 on Wednesday, allowing one goal on three shots.

The journeyman goaltender was asked Friday afternoon how he plans to approach Game 3.

“The same way I’ve approached every game as an Oiler: go out and do my job and give our team a chance to win,” Pickard said. “Obviously the last two games didn’t go as planned in all facets, but we know we have a better effort in this locker room and we know we’re going to do that tonight.”

Oilers coach Kris Knoblauch said after Game 2 that he would get together with his coaching staff and decide on a starting goaltender. But Knoblauch added that he believed Skinner was not at fault for the team’s defensive troubles in this series.

“I don’t think there’s been any bad goals. There’s been a lot of goals, but the chances that we’re giving up are Grade A’s,” Knoblauch said. “I’m not sure that are many, ‘Geez, where’s the save there?’ It’s been very difficult for a goaltender playing. More structure and the less we’re giving up those opportunities, it’s a lot easier for Stuart Skinner or Calvin Pickard playing.”

Pickard, 33, posted a 22-10-1 record with a 2.71 goals-against average and .900 save percentage in 36 games (31 starts) during the regular season. Skinner, 26, was 26-18-4 with a 2.81 GAA and a .896 save percentage over 51 games (50 starts) during the regular season.

Information from ESPN’s Ryan S. Clark and Field Level Media was used in this report.

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