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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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Entertainment

Punjabi music sees huge rise in streams – but not all fans are happy

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Punjabi music sees huge rise in streams - but not all fans are happy

Streams of Punjabi music have seen a massive rise, but some fans aren’t pleased with the direction the genre is heading in.

The 2002-hit Mundian To Bach Ke by UK-based producer Panjabi MC is what put the music on the map for the very first time.

Since then, the music has changed, and many more people are listening.

Data from Spotify shared exclusively with Sky News reveals that UK streams have risen by 286% over the past five years and a massive 2077% globally.

“The signs are there that Punjabi music is only going to continue to grow in influence around the world,” said Safiya Lambie Knight, head of music, UK & Ireland at Spotify.

The blend with hip-hop alongside collaborations with mainstream artists such as Burna Boy and Ed Sheeran has captivated listeners, regardless of their spoken language.

With billions of views and streams, one of the top-performing artists in the genre right now is Karan Aujla.

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Originally from a village called Ghurala in India, the 27-year-old’s quick-witted bars and innovative melodies helped him make history earlier this year as the first Punjabi artist to win a Juno Award.

Karan Aujla has performed three shows as part of his UK tour. Pic: Manny 4PM, Catalyst Management, Rehaan Records
Image:
Karan Aujla has performed three shows as part of his UK tour. Pic: Manny 4PM, Catalyst Management, Rehaan Records

Speaking exclusively to Sky News after his show at London’s O2 arena, Aujla said: “I’m just a kid that came from nothing, from a small village so if you told me 10 years before I’ll be performing at the O2 London and selling out the whole arena, I wouldn’t know if that’d be possible, but we did it today.

“So if anybody out there is watching me, just know that it’s all possible.

Aujla’s ability to fuse genres such as hip-hop and R&B with Punjabi folk music has earned him a fanbase of non-Punjabis too.

“I feel like music itself has no language, and it’s just so lovely how somebody that doesn’t know your language could still vibe to your music. And I’ve seen that with my own eyes at my shows and in my DMs, or like on Facebook or wherever, when people send me videos of jamming to my songs, but they’re from a whole different country.”

Punjabi music has gone from its humble beginnings in the fields of rural Punjab to the flashy stages of international concerts. Pic: Manny 4PM, Catalyst Management, Rehaan Records
Image:
Punjabi music has gone from humble rural beginnings to the flashy stages of international concerts. Pic: Manny 4PM, Catalyst Management, Rehaan Records

He added: “I feel like Punjabi music will be one of the biggest things in this whole world in the next few years, and I believe in that.”

But as the genre has grown over the last few years, some of the top singers have come under increased scrutiny for promoting and glorifying drugs, violence and gun culture through their lyrics and music videos.

It was this trend that forced one of the genre’s biggest radio stations – Panjab Radio, based in London – to ban some singers from their airwaves.

The station’s managing director, Surjit Singh Ghuman MBE, who made the decision three years ago, said: “My personal belief is that lots of youngsters went from Punjab to Western countries, especially Canada and America, where there’s a big drug scene there, there’s a big gun culture there, and I think it all stemmed from there.

“It makes me feel sad because that is not our culture. Guns and drugs is not Punjabi culture.”

Surjit Singh Ghuman MBE created the world’s first 100% Panjabi speaking radio station.
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Surjit Singh Ghuman MBE created the world’s first 100% Punjabi-speaking radio station

Mr Ghuman said that when the station started broadcasting in 2000: “We didn’t need to listen to the whole song, but now with the new music, we have to listen to every single song before it goes onto the system because there’s lots of swear words.

“I think it’s all about the views now. It doesn’t matter what the message is you’re giving to the youngsters or the community, it is to do with earning money.”

But Mr Ghuman is hopeful “positive changes are coming” and that singers will “start to focus their songs on the rich Punjabi culture rather than violence”.

However, while there’s hope, the controversies don’t seem to be fading.

Just last month, singer AP Dhillon, who’s signed to the same record label as Taylor Swift, released a song called Old Money, which contains violent scenes throughout its music video, so much so that it required a warning at the start.

This month, Dhillon’s home in Canada was shot at several times and vehicles were set alight. Nobody is believed to have been injured in the attack.

Preliminary investigation suggests that this was a targeted event according to the Royal Canadian Mounted Police, who are still investigating the suspects in the attack to establish a motive.

Sky News asked AP Dhillon’s team for a comment.

For now, the UK stands as a quieter but important player in the world of Punjabi music – a place where the focus remains on cultural celebration rather than controversy.

While controversies have accompanied its rise, the genre’s ability to evolve and resonate with diverse audiences suggests a bright future ahead.

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Sports

UNC’s Brown: No plans to resign after 70-50 loss

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UNC's Brown: No plans to resign after 70-50 loss

Mack Brown told ESPN on Saturday he’s not resigning after an emotional locker room scene with his players following North Carolina’s embarrassing 70-50 loss to James Madison, which is in only its third season as an FBS school.

Brown, a College Football Hall of Famer, said he told the players that it was his fault and would step away if he couldn’t get things fixed. The 70 points were the most ever given up by the Tar Heels, who fell to 3-1.

“I’m not resigning. I’ll be back at work Monday,” Brown told ESPN.

Brown, 73, is in his sixth season at North Carolina. He told ESPN he was aware of some reports and that messages in emotional locker rooms can be misconstrued, but was adamant that he’s not stepping down.

Brown has led UNC to winning records in four of his five seasons. The Tar Heels won eight games last season and nine the season before when they finished first in the ACC’s Coastal Division. Brown was at Texas for 16 seasons and won a national championship in 2005 and played for another in 2009. He resigned under pressure following the 2013 season, and after taking a break from coaching, returned in 2019 to North Carolina for his second stint in Chapel Hill. Brown was North Carolina’s coach from 1988 to 1997.

The Tar Heels travel to rival Duke next Saturday.

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U-M runs down USC, wins with 32 passing yards

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U-M runs down USC, wins with 32 passing yards

ANN ARBOR, Mich. — Michigan kept pounding the ball and pounding the ball. And when it mattered most, No. 11 USC couldn’t stop it.

Powered by running back Kalel Mullings, who scored the winning touchdown in the final seconds, the defending national champion Wolverines rumbled to a 27-24 victory in their Big Ten opener Saturday.

“That’s a representation of who we are,” Mullings said of Michigan’s run-heavy game plan. “Just grit and grinding up … grinding meat that whole time.”

The Wolverines rushed for 290 yards, including 79 on the final drive. Mullings got all eight carries and broke through a pair of tackles for a 63-yard run that put Michigan in the red zone. He finished off the drive with a 1-yard scoring plunge on fourth-and-goal with 37 seconds remaining.

“A will to not give in,” Michigan coach Sherrone Moore said of his senior back. “A will to want it more than them. To want it more than the man who’s trying to tackle him.”

The No. 18 Wolverines (3-1, 1-0 Big Ten) prevailed despite passing for only 32 yards, their fewest in a game since 1987, according to ESPN Research. Michigan’s 32 yards through the air were the fewest by any FBS team in a win over a top-15 opponent since 2014, when Florida beat Georgia with 27 rushing yards.

“Love it,” said Moore, a former college offensive lineman at Oklahoma. “You want to throw the ball, but when you can run the ball effectively, you bring [the defense] down.”

Mullings finished with a career-high 159 yards on 17 rushes, scoring another touchdown in the first quarter with a 53-yard dash through the middle of the USC defense.

Donovan Edwards added 74 yards on the ground, including a 41-yard touchdown run. But his fumble in the fourth quarter gave USC (2-1, 0-1) the ball deep in Michigan territory, and Miller Moss‘ 24-yard touchdown toss to Ja’Kobi Lane handed the Trojans their first lead of the game with just over 7 minutes to go.

Michigan turned back to Mullings the rest of the way. And Moore said the Wolverines put the game in the hands of Mullings and the offensive line, especially on fourth-and-goal.

“The game’s on the line,” Moore said, “whatcha gonna do?”

Mullings followed fullback Max Bredeson, who delivered the kickout block, clearing the way for Mullings to barrel in for the winning score.

“We knew we were going to get it,” quarterback Alex Orji said. “That was just confidence. Do or die, backs against the wall.”

The Wolverines changed starting quarterbacks this week, moving from Davis Warren to Orji. Warren had thrown six interceptions in three games, including three last weekend against Arkansas State. Orji had only seven career passing attempts coming into the game, and attempted only 12 passes against USC, completing seven of them. But Orji rushed for 43 yards, giving the Wolverines an offensive identity they had been lacking, especially in a 31-12 loss to Texas in their second game.

Michigan rushed for 199 yards in the first half alone, the most USC had surrendered in a first half since Lincoln Riley became its coach in 2022.

“Schematically, we knew they were going to run the ball,” USC linebacker Easton Mascarenas-Arnold said, “and it was just mano a mano who could win — and they just did.”

With an inexperienced quarterback, Moore said he challenged his team to be more physical against the Trojans. The Wolverines didn’t have All-America tight end Colston Loveland, who missed the game with an undisclosed injury. That put even more onus on the running game.

“The guys responded,” Moore said. “So proud of what they did and how they played.”

ESPN’s Paolo Uggetti contributed to this report.

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