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News broke Wednesday that former House Speaker Nancy Pelosi (D-CA) had disclosed the sale of between $1.5 million and $3 million worth of shares in Googles parent company, Alphabet, just a few weeks before the Department of Justice announced an antitrust lawsuit against the tech giant.

Nancy and her husband Paul, who is often the person actually making the trades, have been accused multiple times in the past of using her position in the federal government to make advantageous moves in the stock market. The couple sold their Nvidia stock, albeit at a loss, right before the U.S. government announced new restrictions on the sale of computer chips to China and Russia, while Paul bought $6 million in tech options as Congress debated antitrust measures against Big Tech companies.

Coincidentally, the day before the news broke about the Pelosis stock trades, Republican Missouri Sen. Josh Hawley reintroduced The Preventing Elected Leaders from Owning Securities and Investments Act, otherwise known as the PELOSI Act. The bill, first introduced in 2022, would prohibit members of Congress or their family members from holding or trading individual stocks. Any existing investments would have to be divested or placed in a blind trust for the duration of the lawmakers tenure in office.

A majority of congresspeople are millionaires, and while most were already wealthy before entering Congress, they also tend to have success on the stock market while in office. Although there have been many efforts to rein in congressional stock trading, Hawleys newest push has brought the issue back into the spotlight.

Many congresspeople were already wealthy and held considerable assets before they entered politics. Members of Congress tend to come from professional fields that are relatively lucrative think doctors and lawyers. Some are extremely successful business owners who made the jump over to politics.

For example, Republican California Rep. Darrell Issa is currently the richest person in Congress, with an estimated net worth of $460 million as of September 2022. Before entering the House, Issa made a fortune in the car alarm business in the 1990s. Similarly, the top three richest senators, Rick Scott (R-FL), Mark Warner (D-VA), and Mitt Romney (R-UT) were all successful in private business before attaining public office.

But that doesnt mean lawmakers dont expand their wealth while in office. In fact, some have seen massive gains thanks to fortuitous moves on the stock market.

In 2021, members of Congress and their family members purchased $267 million in assets while sales amounted to $364 million.

On average in 2021, Congress beat the market, according to an analysis by Unusual Whales. SPY, the exchange traded fund that owns all of the stocks on the S&P 500 and one of the most important market measures for investors, saw a return of 13.6%. Meanwhile, both House Democrats and Republicans saw an average return of 14.7% and Senate Democrats saw a return of 15.4%. Only Senate Republicans failed to beat the SPY, with a 13% average return. One congressman saw a return of almost 800%.

Members of Congress have not only been fortunate in picking winning stocks, but they have also had a lot of luck in selling stocks note the Pelosi example above just in the nick of time to avoid massive losses. This level of success has attracted allegations of insider trading, i.e. using knowledge gained from their work in the federal government that is unavailable to normal Americans to make advantageous trades.

Four senators were accused of such malfeasance in the early days of the COVID pandemic. Former Republican Sens. Richard Burr of North Carolina and Kelly Loeffler of Georgia sold millions worth of stock after a closed-door briefing on the possible impacts of the coronavirus. Sens. Jim Inhofe (R-OK), David Perdue (R-GA), and Dianne Feinstein (D-CA) also dumped stock in the early weeks of the pandemic.

The Department of Justice and the Securities and Exchange Commission launched investigations into possible insider trading by the five lawmakers. All of the inquiries were dropped by January 2021. An Insider investigation found that many other Congress members bought or sold stock in vaccine manufacturers Pfizer, Moderna, and Johnson & Johnson during the pandemic.

Between 2019 and 2021, 97 members of Congress almost 20% of all lawmakers in the Legislative Branch reported that they made stock trades in companies that were influenced by their committees, according to an analysis by The New York Times.

There are already laws on the books to prevent insider trading, most notably the STOCK Act passed in 2012. A critical part of the law requires members of Congress to promptly disclose any stock trades made by them or close family members. According to an Insider report from early January, 78 members of Congress have recently failed to comply with the law and properly disclose stock trades, according to an Insider report from early January.

Congresspeople who violate the law face a fine, but it is usually only $200 and the penalty has been waived altogether several times by the House Ethics Committee. Two current members of the eight-person Ethics Committee were identified in the Times analysis as having traded stocks in companies influenced by their committees and were among the 78 lawmakers who failed to comply with the STOCK Act.

For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people, Hawley said of the PELOSI Act in a news release. Lawmakers who violate the proposed act would be forced to forfeit any profits from the investments to the American people and lose the ability to write off any losses on their taxes.

The first iteration of Hawleys bill, which lacked the acronymic jab at the former House Speaker, stalled in the Democrat-controlled House in 2022. Democrats also scrapped another proposal to regulate lawmakers stock trades just a few days before the 2022 midterms elections, with then-House Majority Leader Steny Hoyer claiming that there wasnt enough time for representatives to study the proposal.

Almost simultaneously with Hawley, Reps. Chip Roy (R-TX) and Abigail Spanberger (D-VA) introduced a bill banning members of Congress from trading individual stocks for the third time. They previously introduced the bill in 2020 and 2021.

Given the poor track record of bills regulating congressional stock trading, both in getting passed and actually being enforced, chance of meaningful reform is dim. And in the meantime, members of Congress will most likely continue to beat the market.

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Bulldogs’ reign over Vols continues with OT win

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Bulldogs' reign over Vols continues with OT win

KNOXVILLE, Tenn. — Georgia coach Kirby Smart lost four straight games against Tennessee as a Bulldogs defensive back in the 1990s.

After No. 6 Georgia came from behind to beat No. 15 Tennessee 44-41 in overtime at Neyland Stadium on Saturday, the Volunteers might feel like they will never beat the Bulldogs again as long as Smart is their coach.

After Georgia overcame a 14-point deficit and scored the tying touchdown and 2-point conversion with about 2½ minutes left in regulation, running back Josh McCray scored on a 1-yard run in overtime to give the Bulldogs (3-0, 1-0 SEC) their ninth straight victory over Tennessee and their fifth consecutive on the road.

McCray was initially ruled down at the 1-yard line, but the call was overturned by replay.

“I lost a lot of times here as a player,” Smart said. “It still sticks with me. I have a lot of memories, good and bad, about playing here. Five in a row is a lot.”

For a long time Saturday, it seemed as if the Volunteers (2-1, 0-1) would end their losing streak. Tennessee kicker Max Gilbert missed a 43-yard field goal wide left with three seconds to go in regulation that would have won the game.

The Volunteers had the ball first in overtime and gained only 1 yard on three plays. Gilbert kicked a 42-yard field goal to give his team a 41-38 lead.

“Unfortunately, he didn’t make the one before, but he had his head high,” Tennessee coach Josh Heupel said. “That’s the life of being a kicker, you know what I mean? I love the way he responded. He’ll continue to grow, and we have great trust in him. Unfortunately, he didn’t finish that one.”

On Georgia’s first play in overtime, tailback Nate Frazier ran for 21 yards to the UT 4. McCray plowed his way for 3 yards on the next play, then scored the winning touchdown.

The Bulldogs trailed 38-30 late in regulation. On fourth-and-6, Georgia quarterback Gunner Stockton threw a perfectly placed 28-yard touchdown to London Humphrey with 2:32 to go. Zachariah Branch caught a pass and scored on a 2-point conversion attempt to tie the score.

“We were just going to take a shot there, and we needed to score fast,” Smart said. “We didn’t need to keep milking time. It felt like they were defending the sticks, and we were trying to get a touchdown. Sometimes, you get an advantage when people play the sticks and you’re willing to take a shot.”

Stockton completed 23 of 31 passes for 304 yards with 2 touchdowns and ran for another score.

“As you all can see, he’s a dog,” Georgia safety KJ Bolden said. “The whole team is behind him. He never let any of the scores phase him. Our defense kind of started off really slow, but it never fazed him. He always came back ready with a plan and ready to attack.”

The Bulldogs took plenty of blows early, especially on defense. The Volunteers drove down the field on their first possession, and quarterback Joey Aguilar scored on a 4-yard run. He threw touchdowns of 72 yards and 14 yards to Chris Brazzell II to take a 21-7 lead late in the first quarter.

“We talked about coming in here and conquering this place, which is not easy to do,” Smart said. “When you do something like that, you have to make your own way. You have to absorb blows. I don’t think I had any idea how many blows we’d have to absorb, but we did, and we’ve got a resilient group.”

Georgia’s defense bounced back from there, stopping the Vols on five straight possessions, including two interceptions. The Bulldogs scored 20 straight points to take a 27-21 lead late in the third quarter.

But then Georgia’s defense gave up another long touchdown — Aguilar found Brazzell for the third time on a 56-yard pass to give the Vols a 28-27 lead.

The Bulldogs went back in front 30-28 on Peyton Woodring‘s 24-yard field goal, before the Volunteers scored 10 straight points to go ahead by eight, setting up Stockton’s heroics late in the fourth quarter.

Aguilar completed 24 of 36 passes for 371 yards with 4 touchdowns and 2 interceptions. Brazzell had six receptions for 177 yards.

“Losses never ever feel good, taste good, that’s not the expectation inside of this locker room, just to play somebody tight,” Heupel said. “I think the disappointment of tonight can be a moment, something in our journey together that can springboard and propel us if we choose to use it that way.”

Smart says his team is far from a finished product. The Bulldogs are still shuffling players on the offensive line because of injuries, and their inexperienced defensive backs struggled in coverage against the Vols’ high-octane offense.

The Bulldogs will get a week off before hosting No. 19 Alabama at home Sept. 27.

“We’re nowhere near where we need to be; we’re a long way from being there,” Smart said. “But, boy, we’ve got some kids that aren’t afraid to fight.”

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Aggies’ Anderson has feeling in limbs after hit

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Aggies' Anderson has feeling in limbs after hit

SOUTH BEND, Ind. — Texas A&M safety Bryce Anderson has feeling in his limbs after being taken to a local hospital following a play that left him motionless late in the first half at Notre Dame.

Anderson was carted to the locker room with 55 seconds left in the half. His head collided with Notre Dame tight end Eli Raridon on a 25-yard completion. Teammates immediately summoned medical personnel, who spent about 10 minutes stabilizing Anderson’s neck. The senior from Beaumont, Texas, gave a thumbs-up as he left the field.

Texas A&M’s entire team came off the sideline and knelt on the field while Anderson was down, and several players came over to him before he left.

Anderson had four tackles in the game.

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Jazz on Yankees’ surge: ‘We’re the team to beat’

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Jazz on Yankees' surge: 'We're the team to beat'

BOSTON — The New York Yankees outlasted the Boston Red Sox for the second straight day Saturday, beating their rivals 4-3 in front of a sellout crowd at Fenway Park to expand their lead for the top American League wild-card spot to 1½ games.

The Yankees’ 83-65 record ranks third in the American League, three games behind the first-place Toronto Blue Jays in the AL East. With 14 games remaining, New York has an outside shot at claiming the AL East title and the league’s top seed for the second consecutive year.

But Yankees second baseman Jazz Chisholm Jr. doesn’t believe the standings accurately represent the league’s hierarchy. To him, the Yankees are the team to beat in the American League.

“I feel like any team that thinks they’re better than us, they should know that when we step on the field, that we’re coming with relentlessness and we’re coming to step on necks,” Chisholm said. “We’re not here to play around. We’re going to do the job and get the job done.”

After going 2-for-4 with two stolen bases Friday, Chisholm finished Saturday 3-for-4 with a home run and three RBIs to move within one home run of becoming the third Yankee ever to post a 30/30 season and the first since Alfonso Soriano in 2003.

He said a recent “talk” among the players that occurred away from the ballpark helped spark the Yankees’ recent turnaround after the team squandered a comfortable lead in the AL East in mid-June.

“Honestly, everybody just started locking in,” Chisholm said.

The Yankees are 13-5 since Aug. 24, a stretch that began with a win over the Red Sox at Yankee Stadium. The success was buoyed by winning six of seven games against the Washington Nationals and Chicago White Sox — two of the worst teams in the majors — but it has also included the Yankees going 7-4 against the Red Sox, Blue Jays, Houston Astros and Detroit Tigers — four AL clubs positioned to reach the postseason.

New York will complete the four-team gauntlet with Sunday night’s series finale at Fenway Park, facing AL Cy Young Award candidate Garrett Crochet. It will be the Yankees’ final regular-season game against a team over .500; they finish the schedule with three games against the Minnesota Twins, three against the White Sox and seven against the Baltimore Orioles.

“All these games are super important,” Yankees manager Aaron Boone said. “So, to get another win in this place against, obviously a really good opponent and Crochet waiting tomorrow, so this was a good one to get. Hopefully, we can go out and finish off a great series.”

Through Saturday, the Yankees are 45-43 against teams over .500 this season. They’re 26-29 against AL teams with winning records. They’ll have to be better in October to reach the World Series again.

“We said it all year long, that we’ve been playing to everybody else’s level instead of our own level,” Chisholm said. “We’ve been letting games go. We’ve been losing games ourselves. Making errors, just having poor at-bats and stuff like that.

“So, at the end of the day, we finally looked ourselves in the mirror and realized we’re the team to beat, and that’s how we’ve been stepping on the field for the last two weeks.”

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