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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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Sports

Yanks’ Cole rocked by Mets in 4-HR, 0-K outing

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Yanks' Cole rocked by Mets in 4-HR, 0-K outing

NEW YORK — Gerrit Cole‘s first start of the 2024 season went about as well as he and the Yankees could have hoped last week. His second outing Tuesday night against the Mets didn’t.

Cole was blasted over four innings, yielding six runs on seven hits in the Yankees’ 9-7 loss at Citi Field. He gave up four home runs, walked four and didn’t record a strikeout. It was the second time Cole didn’t register a strikeout in his career and the second time he allowed at least four home runs.

“Just disappointing,” Cole said. “Didn’t really give us a good chance to win tonight. Didn’t execute enough pitches. Just kind of dug us a hole.”

Two positives offered a silver lining: Cole threw 72 pitches, more than in any of his three rehab starts in the minors or his season debut, and the right-hander said he was healthy despite his fastball velocity decreasing after the first inning.

Cole’s fastball was 97 to 99 mph for the first time in 2024 in that first frame, an encouraging burst three months removed from being shut down with nerve irritation and edema in his right elbow. His first fastball in the second inning, however, was a 91.5 mph offering that Mark Vientos cracked for a home run. Cole didn’t throw a pitch harder than 95.5 mph for the remainder of his outing.

After the game, Cole insisted the drop-off was by design and that he was healthy. He explained he intentionally dialed back the velocity after issuing three walks and throwing 28 pitches as the Mets jumped out to a 1-0 lead in the first inning because he believed the strategy would give him the best chance to work efficiently and avoid an early exit with a 75-pitch limit.

“It’s a bit like driving a car,” Cole, 33, said. “Too much clutch or too little clutch can slip you out of gear a little bit. So, obviously, it came out really tremendous in the first and had to make a lot of pitches. But the reality is we just weren’t in the strike zone enough. The objective is to try to get as deep in the ballgame as you can.”

Cole issued just one walk over his final three innings, but he couldn’t put hitters away. He induced just five whiffs while the Mets fouled off 11 pitches. Six balls hit into play traveled at least 101.5 mph. Vientos barreled two of those hard-hit balls for home runs — both on fastballs after Cole said he chose to shave velocity off the pitch.

“He’s still working back,” Yankees center fielder Aaron Judge said. “That’s our ace. That’s our guy. And I want him out there every single five days. Games like this happen, and you just got to move on and learn from it. He’ll be fine.”

Cole is slated to next pitch Sunday in Toronto against the Blue Jays, barring a change to the Yankees’ rotation.

“My execution was poor, so I never really gave myself a chance to learn anything,” Cole said. “To get a foul ball or to get a mishit, it ended up in damage. This league is really hard. I certainly had the stuff tonight to give us a chance, and I just pitched poorly.”

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Ohtani ‘growing as hitter’ sans pitching workload

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Ohtani 'growing as hitter' sans pitching workload

CHICAGO — Halfway through his first season with the Los Angeles Dodgers, Shohei Ohtani looks quite comfortable with his new surroundings.

The Japanese slugger has been a sweet-swinging Hollywood blockbuster so far.

The Dodgers are on top of the NL West with a 50-31 record, and Ohtani has played a major role in their strong start. The two-time AL MVP is batting a career-high .320 with 24 homers, 60 RBIs and a 1.032 OPS in 78 games.

“It’s really about getting to know the guys,” Ohtani said Tuesday night through an interpreter. “You know I had my first impression, but really getting to know who the people are and the organization.

“As I stated before, I decided to sign with this team and wanted to do the best that I can to fit in. So I think overall, looking back, it’s been a really good first half.”

Ohtani, who turns 30 on July 5, agreed to a record-shattering $700 million, 10-year contract in December. The two-way sensation isn’t pitching this year while he recovers from elbow surgery, and it looks as if putting more of his focus on hitting is helping him at the plate.

“The reality is the workload has been a lot less,” Ohtani said. “So I can’t deny that. But at the same time, as a hitter, I’ve been getting better and overall I think I’ve been growing as a hitter, too.”

Ohtani hit a leadoff homer during Tuesday night’s 4-3 victory over the Chicago White Sox, extending his RBI streak to a career-high nine consecutive games — matching a franchise record. He walked and scored in the third inning, and then hit a tiebreaking RBI single in the fourth.

Ohtani moved into the leadoff spot after Mookie Betts was sidelined by a broken left hand. He is batting .419 (13-for-31) with five homers and 14 RBIs in eight games since Betts got hurt.

“I don’t know what more we can really say about him,” Dodgers first baseman Freddie Freeman said. “I think we’ve said everything we can since he entered this league, about what an amazing player he is. But when you come over here, you just never know how first year’s going to go on any team.

“Sometimes you just got to step back and just appreciate a player like this.”

Ohtani drove a hanging curveball from Chris Flexen into the visitor’s bullpen in right-center for his NL-best 24th homer. White Sox right fielder Tommy Pham tried to make a leaping grab on the play, but was unable to bring it in.

Ohtani got so caught up in tracking the ball that he carried his bat as he jogged up the line. After discarding his lumber, he went back to touch first base because he was concerned that he missed the bag the first time around.

“Just wasn’t quite sure that I stepped on the bag,” he said.

It was Ohtani’s second leadoff homer of the season and No. 8 for his career. He is the first player to drive in at least one run in nine consecutive games for the Dodgers since Hall of Fame catcher Roy Campanella in 1955.

Dodgers manager Dave Roberts said Ohtani is being more selective at the plate, and it’s paying off.

“When you do that,” Roberts said, “you earn pitches in the strike zone, and when he does that, a lot of special things happen.”

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Politics

Scale of gambling scandal for Tories is different magnitude to Labour’s issue

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Scale of gambling scandal for Tories is different magnitude to Labour's issue

After days of furore directed at Rishi Sunak for the election betting scandal, now a Labour candidate is under investigation by the Gambling Commission for his own betting activity – and is immediately suspended. 

Is this an equaliser in one of the grubbiest electoral sagas of recent elections? Quite possibly not.

There is no doubting the utter dismay in Labour HQ at the revelation that they too have a candidate caught up in the betting scandal.

Politics live: Labour to return £100k donation to suspended candidate

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Tories launch own probe into betting scandal

It lends itself to the easy narrative that there’s a plague on all politicians’ houses – everyone as bad as each other.

However, if the facts are as presented, the scale of the challenge for the Tories is of a different order of magnitude to that now facing Labour.

Labour’s Kevin Craig was suspended immediately after the party was informed by the Gambling Commission of the probe.

We are told that he placed a bet – not on the election date, but that he would lose his race in a general election.

He is certainly guilty of gross stupidity, as he admitted in a statement on Tuesday evening.

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However, if this scenario is as presented, it is hard to see an allegation being mounted that he had insider intelligence on the race – unless it can be proved he was deliberately setting out to lose.

An under-pressure Gambling Commission will investigate every candidate’s name on the spreadsheet from gambling companies of those who placed bets – but it is unclear from available facts where this will go.

The Tory betting saga, however, is more complicated and now on its 13th day.

It was almost two weeks ago that Craig Williams – Rishi Sunak’s closest parliamentary aide and former Montgomeryshire MP – admitted he had placed a bet on the election date – a date he might have known before the public at large.

He denies he committed any offence, and remains under investigation.

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Laura Saunders, standing for the Tories just south in Bristol North West, has also been suspended for putting a bet on the date when her partner worked in Conservative headquarters on the election.

For most of that time, Mr Sunak has been insisting he could not suspend either candidate because of the ongoing probe by the Gambling Commission.

Ministers, as well as opponents, weighed in.

And on Tuesday he reversed that decision under that pressure.

This means there are questions about the prime minister’s own judgement and unwillingness to act on top of questions about the behaviour of those closest to him.

Craig Williams and Laura Saunders. Pics: PA/Laura Saunders for Bristol North West
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Craig Williams and Laura Saunders have both been suspended from the Tories. Pics: PA/Laura Saunders for Bristol North West

This story has had massive cut through with the public, topping the charts for any news story in the UK – according to YouGov’s AI news tracker – for the last four days.

There is dismay from the cabinet downwards.

Labour’s own problems have undermined their own ability to go on the attack. But it is not clear that voters will see the two issues on the same scale.

The full list of the candidates running for Central Suffolk and North Ipswich is:

Charlie Caiger, independent;
Tony Gould, Reform UK;
Mike Hallatt, independent;
Brett Alistair Mickelburgh, Lib Dems;
Dan Pratt, Greens;
Patrick Spencer, Conservatives.

The full list of candidates for Bristol North West is:

Caroline Gooch, Lib Dems;
Darren Jones, Labour;
Scarlett O’Connor, Reform UK;
Mary Page, Green Party;
Ben Smith, SDP.

The full list of candidates for Montgomeryshire and Glyndwr is:

Jeremy Brignell-Thorp, Green Party;
Oliver Lewis, Reform UK;
Glyn Preston, Lib Dems;
Elwyn Vaughan, Plaid Cymru;
Steve Witherden, Labour.

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