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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

Matthews among finalists for Ted Lindsay Award

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Matthews among finalists for Ted Lindsay Award

Auston Matthews, Nathan MacKinnon and Nikita Kucherov were named finalists for the Ted Lindsay Award on Wednesday.

Voted on by fellow members of the NHL Players’ Association, it is presented annually to the most outstanding player in the NHL.

Matthews won the trophy in 2021-22 and Kucherov claimed it in 2018-19, while MacKinnon is looking for his first Ted Lindsay Award.

Matthews led the NHL with 69 goals and scored a career-high 107 points in 81 games for the Toronto Maple Leafs. The 26-year-old forward became just the 10th player in NHL history to record six or more hat tricks in a season.

MacKinnon was second in the league with 140 points (51 goals, 89 assists) in 82 games for the Colorado Avalanche. The 28-year-old forward opened the season with a 35-game points streak at home and led the NHL in shots (405).

Kucherov set a Tampa Bay franchise record and topped the NHL with 144 points (44 goals, 100 assists) in 81 games for the Lightning. The 30-year-old forward also topped the league with 53 points on the power play.

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World

Joe Biden says US will stop some weapons shipments to Israel if it invades Gaza city of Rafah

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Joe Biden says US will stop some weapons shipments to Israel if it invades Gaza city of Rafah

President Joe Biden has warned Israel in his toughest public comments so far that the US would stop supplying it with some weapons if Israel invades the southern Gaza city of Rafah.

If Israeli forces launch an all-out assault on the city, the last major Hamas stronghold in the besieged enclave, the US president said “we’re not going to supply the weapons and artillery shells used, that have been used”.

In an interview with CNN, Mr Biden acknowledged US weapons have been used by Israel which have killed civilians in Gaza during its seven-month offensive aimed at destroying Hamas.

Middle East latest: Follow live updates

Please use Chrome browser for a more accessible video player

IDF launches another Rafah operation

It comes after his decision last week to pause a shipment of heavy 2,000lb bombs to Israel over concerns about a looming attack on Rafah, following public and private warnings from his administration.

“Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centres,” Mr Biden told CNN.

“I made it clear that if they go into Rafah – they haven’t gone in Rafah yet – if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities, that deal with that problem.”

US Defence Secretary Lloyd Austin confirmed the weapons delay earlier on Wednesday, saying the US paused “one shipment of high payload munitions”.

“We’re going to continue to do what’s necessary to ensure that Israel has the means to defend itself,” Mr Austin said.

“But that said, we are currently reviewing some near-term security assistance shipments in the context of unfolding events in Rafah.”

Israel carried out military operations in Rafah earlier this week in what it described as “targeted strikes”.

Read more:
Not much Biden can do to stop his Rafah red line being crossed
Netanyahu’s choice: Accept ceasefire or gamble on Rafah incursion
Sunak to meet university bosses to discuss rise in antisemitism

Palestinians inspect the site of an Israeli strike on a house in Rafah. Pic: Reuters
Image:
Palestinians inspect the site of an Israeli strike on a house in Rafah. Pic: Reuters

Palestinians wait to receive food cooked by a charity kitchen, in Rafah, in the southern Gaza Strip.
Pic Reuters
Image:
Palestinians wait to receive food cooked by a charity kitchen in Rafah. Pic: Reuters


Mounting death toll

Nearly 34,800 Palestinians, mostly women and children, have been killed so far in Gaza, according to the Hamas-run health ministry. It does not differentiate between civilians and combatants.

The war began when Hamas stormed into Israel on 7 October, killing around 1,200 people and abducting about 250 others, of whom 133 are believed to remain in captivity, according to Israeli tallies.

Palestinians flee Rafah. Pic: Reuters
Palestinians flee Rafah on a donkey-drawn cart. Pic: Reuters
Image:
Palestinians flee Rafah. Pics: Reuters

US will still supply defensive systems

Mr Biden told CNN the US would continue to provide defensive systems to Israel, including for its Iron Dome defence system.

“We’re going to continue to make sure Israel is secure in terms of Iron Dome and their ability to respond to attacks that came out of the Middle East recently,” he said.

“But it’s, it’s just wrong. We’re not going to – we’re not going to supply the weapons and artillery shells.”

It comes as Mr Biden’s administration is due to deliver a formal verdict this week, the first of its kind, on whether Israeli airstrikes on Gaza and restrictions on the delivery of humanitarian aid have violated international and US laws.

A decision against Israel would heap further pressure on Mr Biden to limit the flow of weapons and money to Israel’s military.

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US

Joe Biden says US will stop some weapons shipments to Israel if it invades Gaza city of Rafah

Published

on

By

Joe Biden says US will stop some weapons shipments to Israel if it invades Gaza city of Rafah

President Joe Biden has warned Israel in his toughest public comments so far that the US would stop supplying it with some weapons if Israel invades the southern Gaza city of Rafah.

If Israeli forces launch an all-out assault on the city, the last major Hamas stronghold in the besieged enclave, the US president said “we’re not going to supply the weapons and artillery shells used, that have been used”.

In an interview with CNN, Mr Biden acknowledged US weapons have been used by Israel which have killed civilians in Gaza during its seven-month offensive aimed at destroying Hamas.

Middle East latest: Follow live updates

Please use Chrome browser for a more accessible video player

IDF launches another Rafah operation

It comes after his decision last week to pause a shipment of heavy 2,000lb bombs to Israel over concerns about a looming attack on Rafah, following public and private warnings from his administration.

“Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centres,” Mr Biden told CNN.

“I made it clear that if they go into Rafah – they haven’t gone in Rafah yet – if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities, that deal with that problem.”

US Defence Secretary Lloyd Austin confirmed the weapons delay earlier on Wednesday, saying the US paused “one shipment of high payload munitions”.

“We’re going to continue to do what’s necessary to ensure that Israel has the means to defend itself,” Mr Austin said.

“But that said, we are currently reviewing some near-term security assistance shipments in the context of unfolding events in Rafah.”

Israel carried out military operations in Rafah earlier this week in what it described as “targeted strikes”.

Read more:
Not much Biden can do to stop his Rafah red line being crossed
Netanyahu’s choice: Accept ceasefire or gamble on Rafah incursion
Sunak to meet university bosses to discuss rise in antisemitism

Palestinians inspect the site of an Israeli strike on a house in Rafah. Pic: Reuters
Image:
Palestinians inspect the site of an Israeli strike on a house in Rafah. Pic: Reuters

Palestinians wait to receive food cooked by a charity kitchen, in Rafah, in the southern Gaza Strip.
Pic Reuters
Image:
Palestinians wait to receive food cooked by a charity kitchen in Rafah. Pic: Reuters


Mounting death toll

Nearly 34,800 Palestinians, mostly women and children, have been killed so far in Gaza, according to the Hamas-run health ministry. It does not differentiate between civilians and combatants.

The war began when Hamas stormed into Israel on 7 October, killing around 1,200 people and abducting about 250 others, of whom 133 are believed to remain in captivity, according to Israeli tallies.

Palestinians flee Rafah. Pic: Reuters
Palestinians flee Rafah on a donkey-drawn cart. Pic: Reuters
Image:
Palestinians flee Rafah. Pics: Reuters

US will still supply defensive systems

Mr Biden told CNN the US would continue to provide defensive systems to Israel, including for its Iron Dome defence system.

“We’re going to continue to make sure Israel is secure in terms of Iron Dome and their ability to respond to attacks that came out of the Middle East recently,” he said.

“But it’s, it’s just wrong. We’re not going to – we’re not going to supply the weapons and artillery shells.”

It comes as Mr Biden’s administration is due to deliver a formal verdict this week, the first of its kind, on whether Israeli airstrikes on Gaza and restrictions on the delivery of humanitarian aid have violated international and US laws.

A decision against Israel would heap further pressure on Mr Biden to limit the flow of weapons and money to Israel’s military.

Continue Reading

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