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President Biden has declared his support for banning sitting members of Congress from trading stock — an eleventh-hour pivot after four years of silence over the controversy.

Nobody in the Congress should be able to make money in the stock market while theyre in the Congress, Biden told the “More Perfect Union” podcast.

“I don’t know how you look your constituents in the eye and know because of the job they gave you, gave you an inside track to make more money,” Biden said, adding: “I think we should be changing the law.”

The interview was conducted by Faiz Shakir, a political adviser for Sen. Bernie Sanders (I-Vt.), and published by A More Perfect Union, a pro-labor advocacy and journalism organization.

Its unclear what impact Bidens statement could have, coming only a month before his term ends.

Biden had previously declined to take a position on congressional stock trading.

His fellow Democrat, former House Speaker Nancy Pelosi, initially opposed proposals that lawmakers and their spouses be banned from trading stocks.

Pelosi, who is married to venture capitalist Paul Pelosi, insisted that her husband makes stock trades independently and that she has no involvement. She said in December 2021 that there is a free market that members of Congress should be able to participate in.

Speculation about Pelosi’s future in Congress has ramped up in recent days after the 84-year-old congresswoman from San Francisco underwent hip replacement surgery in Europe earlier this week.

Pelosi suffered a fall while on a trip to Luxembourg over the weekend, breaking her hip.

Financial disclosure forms showed that Paul Pelosi, who is said to be worth in excess of $275 million, sold 2,000 shares of Visa stock worth between $500,000 and $1 million on July 1. In September, the Justice Department announced it was suing Visa for alleged antitrust violations.

Since 2021, Pelosi has softened her stance amid backlash, coming out in support of strengthening an existing law, the Stock Act, which requires lawmakers to disclose their stock sales and purchases.

She has also called for extending stock trading disclosure requirements to members of the judiciary, while stiffening penalties for members of Congress who flout the rules.

Relations between Biden and Pelosi, who were once close, are said to have been ruptured after the former speaker played a key role in nudging the president from the race earlier this year due to concerns over his age and mental acuity.

Pelosi told news outlets that she intended for the Democrats to stage a quick primary process following Biden’s decision to step aside, but his swift endorsement of Vice President Kamala Harris frustrated those plans.

Biden’s support for a ban marks somewhat of a pivot for the president, who has been largely noncommittal on the issue.

When Jen Psaki served as White House press secretary two years ago, she said Biden would let members of leadership in Congress and members of Congress determine what the rules should be.

A bipartisan proposal to ban trading by members of Congress and their families has dozens of sponsors, but it has not received a vote.

Although lawmakers are required to disclose stock transactions exceeding $1,000, theyre routinely late in filing notices and sometimes dont file them at all.

Shakir said he admired Biden for having not gone in early on Google, and Boeing, and Microsoft, and Nvidia, and, you know, Amazon while he was a US senator from Delaware, a position he held for 36 years.

Biden said he lived on his Senate salary instead of playing the stock market.

Trading in Congress has long been criticized by government watchdogs, who say the access to nonpublic information creates a temptation for lawmakers to prioritize their own finances over the public good.

Public anger has mounted since the start of the coronavirus pandemic, when some lawmakers were caught buying and selling millions of dollars worth of stock after being warned about the coming disruption from the virus.

With Post wires

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World

‘Don’t bite me’: Man heard screaming moments before fatal shark attack in Sydney

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'Don't bite me': Man heard screaming moments before fatal shark attack in Sydney

A man was heard screaming in the water moments before he died after a shark attack in Sydney, witnesses have said.

Emergency services responded to reports that a man in his 50s had suffered critical injuries at Long Reef Beach shortly after 10am (1am in the UK) on Saturday.

The man, whose identity has yet to be confirmed, was brought to shore but died at the scene, authorities have said.

Two sections of a surfboard have been recovered and taken for examination, and beaches near the area are closed as drones search for the animal.

Police are liaising with wildlife experts to determine the species of shark involved.

Pic: Sky News Australia
Image:
Pic: Sky News Australia

Surfer screamed ‘don’t bite me’

Speaking to Sky News Australia, witness Mark Morgenthal said he saw the attack and that the shark was one of the biggest he had ever seen.

“There was a guy screaming, ‘I don’t want to get bitten, I don’t want to get bitten, don’t bite me,’ and I saw the dorsal fin of the shark come up, and it was huge,” Mr Morgenthal said.

“Then I saw the tail fin come up and start kicking, and the distance between the dorsal fin and the tail fin looked to be about four metres, so it actually looked like a six-metre shark.”

Mark Morgenthal said it 'looked like a six metre shark' in the attack. Pic: Sky News Australia
Image:
Mark Morgenthal said it ‘looked like a six metre shark’ in the attack. Pic: Sky News Australia

Victim was a father and experienced surfer

New South Wales Police Superintendent John Duncan said at a press conference that the victim was 57 years old, calling the incident a “terrible tragedy”.

“The gentleman had gone out about 9.30 this morning with some of his friends, about five or six of his mates,” he added. “He’s an experienced surfer that we understand.

“Unfortunately, it would appear that a large, what we believe to be a shark, has attacked him. And as a result of that, he lost a number of limbs.

“His colleagues managed to make it back to the beach safely, and a short time later, his body was found floating in the surf, and a couple of other people went out and recovered it.”

Mr Duncan added that officers “understand he leaves behind a wife and a young daughter… and obviously tomorrow being Father’s Day is particularly critical and particularly tragic”.

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Local surfer and eyewitness Bill Sakula also told reporters at the beach: “It’s going to send shockwaves through the community.

“Everyone is going to be a little bit nervous for a while.”

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Surf Life Saving NSW has deployed a drone to search for further shark activity.

Its chief executive Steve Pearce said: “Our deepest condolences go to the family of the man involved in this terrible tragedy.”

Shark attacks are very rare, with this incident widely thought to be the first in New South Wales this year.

The last time a person in Sydney was killed in a shark attack was in February 2022 – the city’s first fatal shark attack since 1963.

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Politics

Senate crypto bill adds clause to keep tokenized stocks as securities

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Senate crypto bill adds clause to keep tokenized stocks as securities

Senate crypto bill adds clause to keep tokenized stocks as securities

The US Senate has added a provision to its crypto bill confirming that tokenized stocks remain securities, preserving their fit within existing financial frameworks.

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Sports

Astros’ Trammell won’t face discipline for bat

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Astros' Trammell won't face discipline for bat

ARLINGTON, Texas — Houston Astros outfielder Taylor Trammell is facing no discipline from Major League Baseball after umpires confiscated his two-color bat when New York Yankees manager Aaron Boone asked for it to be checked following a double.

Trammell said Friday, a day after the incident in the ninth inning of the Astros’ 8-4 loss to New York, that he had spoken with MLB officials. Trammell said he understood and appreciated their explanation of what happened because of some discoloration on the dark-colored barrel of the bat.

“We see it a lot with some guys who may have a wristband on or something like that, and just got to take it off. So, it’s nothing crazy, didn’t impact the ball or anything like that,” Trammell said before the American League West-leading Astros opened a series in Texas. “It was more so of an aesthetic of the eye, so that was basically the only thing.”

MLB regulations require a two-color bat to be divided into two sections, each of one solid color. That discoloration, while not likely to impact the performance, made it a nonconforming bat.

During the lengthy delay in the ninth inning Thursday night in Houston, both managers talked to plate umpire Adrian Johnson. The umpire then spoke with the replay office in New York before handing the bat to an official who was sitting near home plate.

Boone said Friday that he had asked umpires to check the bat only after it was brought to his attention that something didn’t look right about it.

“Frankly, that was something hard for me to do because I don’t think Taylor was up to anything. I really don’t,” Boone said. “In the moment, I felt like a duty to at least check in for my team. But, you know, I’m frankly satisfied with the ruling, the explanation.”

Trammell, who appeared in five games for the Yankees last season before going to Houston in November, said he wasn’t sure if he would get the bat back from MLB. But he would like to have it.

“I probably would just want it, to have it just because I can have a story to tell my grandkids about it. It’s kind of a cool, funny little story,” he said. “I don’t know if they’ll give it back. They put a sticker on it so it’s authenticated at least. … So, somebody is going to have it.”

Asked about his bats for the series against the playoff-chasing Rangers, Trammell held up the bat he had just used in batting practice.

“I’m making sure like there’s no chipping, there’s a little mark here,” he said, noting a small spot. “We’ve moved on. Like I said, respect for both organizations, and glad how everything kind of turned out.”

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