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.
A woman has admitted attempting to defraud Elvis Presley’s family by trying to auction off his Graceland mansion and property before a judge halted the mysterious foreclosure sale.
Prosecutors had said Findley, of Kimberling City, Missouri, falsely claimed Presley’s daughter Lisa Marie had borrowed $3.8m (£3m) from a bogus private lender and had pledged Graceland as collateral for the loan before her death in January 2023.
Findley then threatened to sell Graceland to the highest bidder if Presley’s family did not pay a $2.85m (£2.25m) settlement, according to authorities.
She posed as three different people allegedly involved with the fake lender, fabricated loan documents and published a fraudulent foreclosure notice in a Memphis newspaper announcing the auction of Graceland in May 2024, prosecutors said.
A judge stopped the sale after Presley’s granddaughter and Lisa Marie’s daughter, actress Riley Keough, sued.
Experts were baffled by the attempt to sell off one of the most famous pieces of property in the country using names, emails and documents that were quickly suspected to be fake.
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Image: Lisa Jeanine Findley. Pic: NBC News
Graceland opened as a museum and tourist attraction in 1982 and draws hundreds of thousands of visitors each year.
A large Presley-themed entertainment complex across the street from the museum is owned by Elvis Presley Enterprises.
Presley, known as the King of Rock and Roll, died in August 1977 at the age of 42
Image: Elvis Presley
Keough, who inherited the trust and ownership of the home after the death of her mother, filed a lawsuit claiming fraud against Findley and a judge halted the proposed auction with an injunction.
Naussany Investments and Private Lending – the bogus lender authorities say Findley created – said Lisa Marie Presley had used Graceland as collateral for the loan, according to the foreclosure sale notice.
The judge said Elvis Presley’s estate could be successful in arguing that a company’s attempt to auction Graceland was fraudulent.
Ms Keough’s lawsuit alleged that Naussany presented fraudulent documents regarding the loan in September 2023 and that Ms Presley never borrowed money from Naussany.
After the scheme fell apart, Findley tried to make it look like the person responsible was a Nigerian identity thief, prosecutors said.
An email sent on 25 May 2024 to the Associated Press from the same email as the earlier statement said in Spanish that the foreclosure sale attempt was made by a Nigerian fraud ring that targets old and dead people in the US and uses the internet to steal money.
Image: Riley Keough. Pic: Reuters
In a statement, Tennessee Attorney General Jonathan Skrmetti called the scheme “nonsense” and praised the work of federal authorities.
“Graceland matters so much to so many people around the world – just go to Memphis during Elvis Week and listen to all the different accents and languages of fans who make the pilgrimage,” Mr Skrmetti said.
“All of Tennessee is glad that Graceland remains safely in the possession of Elvis’s heir and that it will remain a celebrated Memphis landmark for generations to come.”
Findley will be sentenced on 18 June and would have faced up to 20 years if convicted, but she is expected to receive less than that under the plea deal.
The number of convictions linked to a second Post Office IT scandal being investigated for miscarriages of justice – has more than doubled, Sky News has learned.
Twenty-one Capture cases have now been submitted to the Criminal Cases Review Commission (CCRC) for review.
They relate to the Capture computing software, which was used in Post Office branches in the 1990s before the infamous faulty Horizon system was introduced.
Hundreds of sub-postmasters were wrongly accused of stealing after Horizon software caused false shortfalls in branch accounts between 1999 and 2015.
A report last year found that there was a reasonable likelihood that the Capture accounting system, used from the early 1990s until 1999, was also responsible for shortfalls.
If the CCRC finds significant new evidence or legal arguments not previously heard before, cases can be referred back to the Court of Appeal.
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Lawyer for victims, Neil Hudgell from Hudgell Solicitors, says the next steps for the Capture cases and the CCRC are still “some months away”.
He said he is also hopeful that the first cases could be referred to the Court of Appeal before the end of this year.
Image: Lawyer Neil Hudgell described victims of the Capture IT system as ‘hideously damaged people’
“Certainly we will certainly be lobbying,” he said. “The CCRC will be lobbying, the advisory board will be lobbying any interested parties, that these are hideously damaged people of advancing years who need some peace of mind and the quicker that can happen the better.”
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In December the government said it would offer ‘redress’ to Post Office Capture software victims
‘We didn’t talk about it’
Among those submitted to the CCRC – Pat Owen’s Capture case was the first.
Her family have kept her 1998 conviction for stealing from her post office branch a secret for 26 years.
Image: Juliet Shardlow shows Sky News paperwork which could explain discrepancies logged by Capture
Speaking to Sky News they have opened up for the first time about what happened to her.
Pat was a former sub-postmistress, who was found guilty and given a two-year suspended sentence.
She died in 2003 from heart failure.
Image: David Owen and his wife Pat in happier times
Her daughters describe her as coming home from court after her conviction “a different woman”.
“We didn’t talk about it,” said Juliet Shardlow. “We didn’t talk about it amongst ourselves as a family, we didn’t talk about it with the extended family.
“Our extended family don’t know.”
Image: Juliet Shardlow said her mum Pat was a different person after her conviction
David Owen, Pat’s husband, said she lost a lot of weight after her conviction and at 62 years old “looked like an old gal of 90”.
Capture evidence never heard in court
Pat’s family kept all the documents from her case safe for over two decades and now a key piece of evidence may turn the tide on her conviction, and potentially help others.
A document summarising the findings of an IT expert described the computer Pat used as having “a faulty motherboard”.
It also stated that this “would have produced calculation errors and may have been responsible for the discrepancies subsequently identified by Post Office Counters’ Security and Investigation team.”
Something has changed dramatically in your home in a way you won’t have even noticed.
The electricity in your plug socket no longer comes from coal, the workhorse of the industrial revolution that powered our economy for decades but which is also the most polluting fossil fuel.
Now it is generated by cleaner gas, renewable and nuclear power.
That shift has helped the UK cut greenhouse gas emissions by 50% since 1990 – a world-leading feat – and you won’t have batted an eyelid.
That’s about to change.
The country’s climate advisers, the Climate Change Committee (CCC), say in new advice today that emissions of greenhouse gases need to fall 87% by 2040.
Image: Emissions need to fall by 87% by 2040, during the period covered by the ‘seventh carbon budget’, published today by the CCC
One third of those emissions cuts will come from decisions made by households.
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While the first stage of the country’s national climate action has “gone largely unnoticed”, the next phase will be “a lot more difficult”, said Adam Berman from Energy UK, which represents energy suppliers.
“It’s going to be technically more difficult, it is going to be much more visceral and tangible to people in their everyday lives. It affects how they get to work, what they use to heat their homes and even diet.”
Experts say if we get it right, it will make our lives better with cleaner air and better public transport.
It would also shave hundreds of pounds off annual household bills.
But it depends on what the government does next to help people.
The way we travel
The two “most impactful” things households can do are replacing their car with an electric one and a gas boiler with a heat pump (only when they pack up, and not before), the advice said.
By 2040, the share of electric cars on the road needs to jump from 2.8% in 2023 to 80% in order to meet net zero, according to the recommendations, which the government is not obliged to accept.
They are already cheaper to run than petrol or diesel cars, while the falling cost of batteries means EVs should finally cost the same upfront in the next three years.
The committee’s chief executive Emma Pinchbeck said: “Frankly, by the time a lot of people are going to be choosing a new car, the electric vehicle is just going to be the cheapest [option].”
Image: The share of heat pumps must jump to 52%, while electric cars need to reach 80% by 2040, the CCC said
How we heat our homes
But while the switch to electric vehicles is powering ahead, the move to greener home heating has barely left the starting blocks.
Homes are currently the second highest-emitting sector in the UK economy, and much of that comes from the way we heat them.
The CCC today put to bed calls to keep gas boilers but run them on hydrogen, recommending there be “no role for hydrogen heating in residential buildings”.
Hydrogen is hard to produce in a green way, and so would be reserved for other sectors that have no other viable alternatives.
The government is yet to confirm this decision, which would dismay the gas networks and boiler manufacturers.
Instead, the advisers said people should eventually replace boilers with heat pumps, which run on electricity and work a bit like a fridge in reverse: grabbing and compressing warmth from the outside air and using it to heat your home.
Amid a political row over the costs of net zero, the analysis concluded these two switches could save households around £700 a year on heating bills and a further £700 on motoring costs.
Cutting down on meat and on excessive flying will also play an important, but smaller role they said.
The upfront investment will cost the equivalent of 0.2% of GDP, most of which would come from the private sector.
Overcoming the costs
But at the moment the benefits of these green switches are not spread fairly, and some people can’t access them at all.
The upfront costs of a heat pump – and home upgrades needed alongside – are “sizeable” and price out poorer households, even with current government subsidies, campaigners and the CCC said.
Zachary Leather, an economist at the Resolution Foundation thinktank, said: “While politicians fret and argue about the cost of net zero, today’s report shows that there are long-term benefits for consumers and the environment.”
But the government needs to “get serious” about helping lower-income households to adopt heat pumps and EVs so they can save money too, he said.
Meanwhile, it is still cheaper for someone with a driveway to charge their EV than someone who charges theirs on the street – and electricity prices overall should be made cheaper to help people reap the benefits.
Mr Berman from Energy UK said: “All through the energy system there are these small examples that tend to mean working class households find it more expensive to take up low carbon alternatives.”
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Climate protesters confront Bill Gates
The energy transition is ‘not fair yet’
It also comes at a time of wavering support for climate action. While Labour was elected on a mandate to go faster on climate action, the Conservatives have retreated from green issues, and Reform UK wants to dismantle net zero altogether.
Mr Berman said a way to “resolve that question of public consent is to ensure we’re rolling out that infrastructure in a really, really fair and inclusive way. And we’re not there yet”.
The public are also confused about if, when and how to switch to these green technologies, and which government should tackle this with clearer guidance, the CCC said.
Energy Secretary Ed Miliband said: “This advice is independent of government policy, and we will now consider it and respond in due course.
“It is clear that the best route to making Britain energy secure, bringing down bills and creating jobs is by embracing the clean energy transition. This government’s clean energy superpower mission is about doing so in a way that grows our economy and makes working people better off.
“We owe it to current generations to seize the opportunities for energy security and lower bills, and we owe it to future generations to tackle the existential climate crisis.”