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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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USC WR Lemon exits vs. Michigan after hard hit

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USC WR Lemon exits vs. Michigan after hard hit

USC wide receiver Makai Lemon exited Saturday’s 27-24 loss to Michigan with an apparent injury after he was hit hard during a punt return in the first half.

Lemon did not return to the game, and according to the CBS broadcast, he was taken away in an ambulance. USC did not provide an official update on Lemon’s status before the end of the game.

The sophomore wideout spent an extended amount of time lying down on the field after the injury while surrounded by several members of USC’s training and coaching staff before walking off under his own power. He entered the injury tent and then was taken into the locker room.

Tight end Lake McRee also exited the game in the second half with an apparent left leg injury. The broadcast showed McRee visibly emotional on the bench before he walked into the tunnel to the locker room.

McRee has been a mainstay of USC’s offense early on, accounting for 137 yards on nine receptions so far this season.

Lemon has caught four passes for 45 yards and a touchdown for USC this season. Last year, Lemon played both wide receiver and cornerback. As a receiver, Lemon had six catches for 88 yards.

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UK

Anthony Joshua defeated by Daniel Dubois in IBF world heavyweight title at Wembley Stadium

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Anthony Joshua defeated by Daniel Dubois in IBF world heavyweight title at Wembley Stadium

Anthony Joshua missed out on the chance to become a three-time heavyweight world champion after he was stopped by British rival Daniel Dubois in the fifth round.

Dubois, 27, knocked down Joshua towards the end of the opening round with an overhand right to the 34-year-old’s chin.

The IBF heavyweight champion then dropped Joshua at the end of round three and twice in the fourth.

A right hook ended the fight with a knockout for Dubois’ first defence of the title.

The fighters went toe to toe at London’s Wembley Stadium in front of a record 96,000 fans.

Anthony Joshua after being knocked down by Daniel Dubois. Pic: Reuters
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The 34-year-old was knocked down four times in the opening four rounds, and knocked out in the fifth. Pic: Reuters


Daniel Dubois celebrates after winning his fight against Anthony Joshua. Pic: Reuters
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Daniel Dubois became IBF champion after Oleksandr Usyk vacated the title. Pic: Reuters


‘We came up short’

Minutes after retaining the IBF championship, Dubois shouted to the crowd “are you not entertained?” before saying: “I’m a gladiator, you know?

More on Anthony Joshua

“I’m just a warrior to the bitter end. I’m just ready to go. I want to go to the top level of this game and reach my potential. God bless you all.”

Joshua said the loss would not stop him from rebuilding despite admitting “we came up short”.

“You know I’m ready to kick off in the ring, but I’m going to keep my cool, keep very professional, and give respect to my opponent,” he said.

“I’m always saying to myself I’m a fighter for life… We keep rolling the dice. I had a sharp opponent, a fast opponent and a lot of mistakes from my end, but that’s the game.”

Dubois’ victory has sent a message to the whole heavyweight division



Jacquie Beltrao

Sports presenter

Daniel Dubois will feel like he has fulfilled his destiny here at Wembley. His father has trained him to be a champion boxer since he was tiny.

He held the IBF belt, but he has gone in there tonight and defended it in spectacular fashion – he is now in every conversation going forward.

What now for AJ? Can he face rebuilding? And will he even want to?

The Wembley ring walk is notoriously long, and Dubois looked nervous – but so did Joshua, who has done this many times before in front of a full house.

Perhaps he was thinking of what was at stake – the chance to be a three-time heavyweight champion of the world.

But 27-year-old Dubois holds the belt and was keen to prove he was a worthy champion quickly.

Many wondered if Dubois would freeze on the biggest stage: Question asked and answered emphatically.

It was a crushing defeat for Joshua – most were not expecting such a one-sided victory.

Dubois will now most likely take on the winner of Fury v Usyk 2 for all the belts. But the manner of his victory has sent a message to the whole heavyweight division.

Pic: PA
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Pic: PA

Pic: PA
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Pic: PA

Hearn: AJ will want rematch

Promoter Eddie Hearn then said “it was the first round” where Joshua lost, “after that he was fighting on heart and desire”.

Hearn added: “When you are in there with a massive puncher this is what can happen. He never stopped trying to get up, even when he couldn’t get up.

“Daniel deserves credit, he’s a real world champion. Congratulations to him… I’m sure [Joshua will] exercise that rematch clause, it’s a given, it’s a dangerous fight because he’s growing in confidence all the time but he’ll believe he can beat him.”

Pic: Bradley Collyer/PA Wire
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Pic: Bradley Collyer/PA Wire

British champion Dubois, who before tonight had never fought at Wembley, was elevated to the IBF title holder after Oleksandr Usyk relinquished the belt.

Joshua outweighed Dubois by four pounds, despite a career-heaviest weight for his rival, ahead of the fight.

Among those watching was Tyson Fury, the former WBC heavyweight champion, who took a ringside seat.

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Liam plays Oasis hits

Fury is set to fight Usyk for the other three titles in a rematch on 21 December.

Ahead of the fight, Liam Gallagher played some of Oasis’ biggest hits to the sold-out crowd.

Liam Gallagher performing ahead of the IBF World Heavyweight bout at Wembley Stadium. Pic: PA
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Pic: PA

Liam Gallagher performed ahead of the World Heavyweight fight between Daniel Dubois and Anthony Joshua at Wembley. Pic: Reuters
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Pic: Reuters

The 52-year-old frontman walked on to a massive cheer and said “yes Wembley vibes in the air,” before launching into Rock ‘N’ Roll Star, Supersonic and Cigarettes & Alcohol.

He and Noel Gallagher will play Wembley for their first of seven reunion shows at the stadium on 25 July – 307 days away.

Other famous faces ringside were Irish MMA fighter Conor McGregor, former boxer Ricky Hatton, Spice Girl Emma Bunton and Love Island presenter Maya Jama.

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Second boat boarded by FBI after Baltimore bridge collapse

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Second boat boarded by FBI after Baltimore bridge collapse

FBI agents have boarded a boat managed by the same company whose cargo ship crashed into a Baltimore bridge and caused it to collapse.

The two companies in charge of the ship “recklessly cut corners” and ignored electrical problems on the vessel before the crash in March, alleged the US Justice Department on Wednesday.

Three days later, FBI agents boarded the Maersk Saltoro, a second ship managed by the same company, although authorities did not offer further details on the operation.

Six construction workers were killed when the Dali ship had a power outage and crashed into a support column on the Francis Scott Key Bridge.

Read more: Could the Baltimore Bridge disaster happen again?

The Justice Department alleged that mechanical and electrical systems on the massive ship had been improvised and improperly maintained which led to the power outage.

The Singapore-flagged container ship 'Dali' after it collided with a pillar of the Francis Scott Key Bridge in Baltimore, Maryland.
Pic:  Harford County MD Fire & EMS/Reuters
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The Dali after it collided with a pillar of the Francis Scott Key Bridge. Pic: Harford County MD Fire & EMS/Reuters

Authorities are seeking to recover more than $100 million the government spent to clear the underwater debris and reopen the city’s port, which was only fully reopened in June.

It could become the most expensive marine casualty case in history and the two Singapore-based companies, Synergy Marine Group and Grace Ocean, are trying to limit their legal liability.

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The Justice Department said it will vigorously contest that limitation, arguing that vessel owners and operators need to be “deterred from engaging in such reckless and exceedingly harmful behaviour”.

Darrell Wilson, a Grace Ocean spokesperson, confirmed that the FBI and Coast Guard boarded the Maersk Saltoro in the Port of Baltimore on Saturday morning.

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Mr Wilson has previously said the owner and manager “look forward to our day in court to set the record straight” about the Justice Department’s lawsuit.

The Dali, which was stuck amid the wreckage of the collapse for months before it could be extricated, departed Virginia on Thursday afternoon en route to China on its first international voyage since the March 26 disaster.

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