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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

Wetzel: Never mind the girlfriend kerfuffle. Belichick will always be fine.

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Wetzel: Never mind the girlfriend kerfuffle. Belichick will always be fine.

It once seemed improbable that the most compelling figure of the college football offseason would be Bill Belichick’s 24-year-old girlfriend, but somehow, here we are.

Jordon Hudson’s spot in Belichick’s life has always been a public talking point. After all, they started dating two years ago, when Belichick was 71. Of late, though, she’s become an obsession.

Belichick is arguably the greatest coach in the history of the sport, winner of six Super Bowls leading the New England Patriots. His jump to the college ranks and the University of North Carolina is, for purely football reasons, of great intrigue.

Would this work? Could this work?

Currently though, the focus is on Hudson, who takes an active role in managing Belichick’s affairs, including running point on publicity for his new book, “The Art of Winning: Lessons from My Life in Football.”

That includes a viral clip from a “CBS Sunday Morning” interview when Hudson shut down a question about how the two met and was deemed a “constant presence.” That led to all sorts of attention on the relationship, not to mention Belichick’s acuity and Hudson’s recent real estate holdings. Former Patriots great Ted Johnson even told WEEI radio in Boston that “the Tar Heels should consider firing Bill Belichick.”

A few days into this modern controversy, where a social media clip redefines someone with decades in the public eye, can we all settle down for a moment?

As with any relationship, only Belichick and Hudson are privy to what is transpiring between them. But as sensationalistic as all the TikTok comments and website stories currently are, when it comes to actually coaching a football team, let’s settle back on one undeniable truth.

This is Bill Belichick.

Sure, the current attention can be fairly labeled as the kind of “distraction” that might personally crush and professionally derail most people. Belichick is not most people.

“Never been too worried about what everyone else thinks,” Belichick told CBS.

If you allow his history — a lesson from his life in football, if you will — to inform, then you would know that there has rarely, if ever, been any personal feud, situation, tabloid headline or bit of accusational strife that has derailed the man’s single-minded focus on winning.

Belichick doesn’t just thrive in the briar patch of controversy — he seems to prefer it. The more external noise, the better.

A former player standing trial for murder? Win the Super Bowl.

Accused of illegally videotaping opponents? Post a 16-0 season.

A star quarterback alleged to have cheated to win the AFC Championship Game by deflating footballs? Name-drop “My Cousin Vinny” in a news conference, then win the Super Bowl.

Have the team get fined and stripped of a first-round draft pick and the quarterback suspended for the start of the season? Win another Super Bowl.

Maybe this isn’t what he was expecting from the book release, but let’s be clear, he was expecting to create a major media stir.

Belichick is famously passive-aggressive. When he never once mentioned Patriots owner Robert Kraft in his memoir — not even in the acknowledgments — he did so expecting a commotion. This was likely to make it clear that Belichick believed the Patriots’ success during their 24 years together was more based on the coaches and players than the very front-facing owner who, depending whose version you believe, fired Belichick in January 2024.

This was throwing red meat to the sports media machine. It just turned out that the Hudson situation represented even more red meat to the far larger American pop culture/social media machine.

Belichick might not have seen this coming, but this is how he has always operated. He welcomes speculation and even being painted as the villain. Even his closest confidants, from Bill Parcells to Tom Brady, often wind up in prolonged, public ice-outs. There are the endless scraps with the media, the league office, officials or other coaches.

The public questioning his actions and motivation? Please.

Consider that back nearly two decades ago, the NFL made a deal with Reebok for its coaches to wear approved clothes. Belichick bristled at being told what to wear. In an act of fashion defiance, both Patriots and Belichick sources say, he took a plain gray sweatshirt and cut off the sleeves to make it ugly. (It inadvertently became a huge seller, labeled the “BB Hoodie” in the Patriots Pro Shop.)

Or when, in an effort to protest the NFL making teams categorize player injuries — doubtful, questionable, etc. — Belichick began listing Brady as “probable” on the report with a shoulder injury week after week for years despite there being no known injury. Brady would just laugh when asked about it.

Or when he thought the NFL was getting too commercialized, so he refused to have his name used by EA Sports in the Madden video game — “NE Coach” was all that was listed — even though he would make money for literally doing nothing.

Or maybe consider in 2000, when he reversed course on accepting the head coaching job with the New York Jets. Rather than get all apologetic, he handwrote a note that read: “I resign as HC of the NYJ.”

He loves this stuff. Like many highly competitive people, finding an enemy, or some doubt, or some negative opinion about him seemingly feeds him. It certainly doesn’t cause him to wilt.

The current kerfuffle isn’t much different from past ones. He’s been through divorce, and his dating life was even fodder for the New York tabloids. It didn’t matter. He just kept winning.

All of that makes it unlikely that Hudson is somehow bossing Belichick around — or that she would even want to. This is just BB.

Whatever happens with the couple — we wish them the best — is one thing, but anyone who thinks Belichick is somehow incapable of weathering some gossip or jokes, or won’t be laser-focused on coaching, teaching and preparing his players, hasn’t been paying attention.

Here’s guessing Belichick will be fine. He always has been.

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Sports

Clemson PF takes Dabo offer, joins football team

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Clemson PF takes Dabo offer, joins football team

For months, Clemson football coach Dabo Swinney had joked with Ian Schieffelin that the 6-foot-8 power forward for the Tigers‘ men’s basketball team would make an excellent tight end, but Schieffelin assumed it was all in good fun. Two weeks ago, however, he got a call from Swinney with a serious offer: spend the next six months with the Tigers football team and see what happens.

Schieffelin announced on Instagram on Friday that he is taking Swinney up on the offer, forgoing any pro basketball prospects for now in favor of one last season in a Clemson jersey — this time on the gridiron instead of the hardwood.

“I’ve been just training for basketball, getting ready for the next level,” Schieffelin told ESPN. “Dabo just walked me through the opportunity he was willing to give me, and it all sounded great, something I wanted to jump on. It really just sparked my interest in wanting to try, and being able to put on a Clemson jersey again was very enticing to me. To be able to be coached by Dabo and [tight ends coach Kyle] Richardson is just a huge opportunity I couldn’t pass up.”

Schieffelin blossomed into one of the key cogs for the Tigers’ hoops team the past two years. He averaged 12.4 points and 9.4 rebounds per game last season as Clemson earned a 5-seed in the NCAA tournament, losing to McNeese in the first round.

He had entered the transfer portal last month hoping for a fifth year of eligibility amid several ongoing lawsuits against the NCAA, though Schieffelin said the likelihood of an outcome in time for him to play basketball in 2025-26 was slim. He had been preparing for a crack at the pros — likely overseas or in the G League — when Swinney called with the offer.

“I’d never rule out me going back to basketball,” Schieffelin said. “I’ll see how these next six months go, see how development goes, see if I really like playing football. But I think this is a good opportunity for the next six months.”

Clemson lost starting tight end Jake Briningstool after last season. Briningstool, who signed as an undrafted free agent with the Kansas City Chiefs last week, played in 48 games and made 127 catches over four years at Clemson. The Tigers’ depth chart at the position is thin on experience, with Josh Sapp (13 catches), Olsen Patt-Henry (12 catches) and Banks Pope (1 catch) the only tight ends on the team to have recorded a reception.

In October, Swinney teased his interest in adding Schieffelin to his roster, suggesting he would fit in nearly anywhere on the field for the Tigers.

“He could play tight end, D-end. He could play whatever he wanted to play. He’d be an unbelievable left tackle,” Swinney said. “I’ll definitely have a spot. We have a lot of rev share ready too if he wants to pass up wherever he’s going [after basketball].”

Schieffelin said he hadn’t taken Swinney’s suggestions seriously during basketball season, assuming the coach was just teasing, but when the opportunity became real, he quickly understood the vision Swinney had for him.

“The call two weeks ago was very serious,” Schieffelin said, “and I thought, maybe it’s an opportunity to stay around a little longer and join a national championship contender.”

Schieffelin said he is not expecting to earn serious NIL money but does think his body type could allow him to blossom into a potential NFL prospect.

He played quarterback as a ninth grader before opting to focus on basketball the following year. Schieffelin said he will spend the next few months working on conditioning and strength gains to prepare for the rigors of football as well as working to build relationships with his new teammates, but he said he doesn’t have any set expectations for the season.

“Playing college basketball for four years, I’m used to the grind and used to work,” Schieffelin said. “But it looks different on the football side, so just getting in the weight room and learning everything.”

Before making his decision, Schieffelin said he spoke with Colts tight end Mo Alie-Cox, who was a four-year starter in basketball for VCU before signing with Indianapolis. Alie-Cox hadn’t played football since his freshman year of high school but is now entering his eighth NFL season.

“We talked about what went into his decision to go the football route,” Schieffelin said. “He helped me just knowing why he decided, and it made me decide to just give it a chance and see where I could take it.”

Alie-Cox is one of a handful of basketball players who have made a successful transition to football. Greg Paulus played hoops at Duke before becoming the starting quarterback at Syracuse in 2009. Jimmy Graham and Julius Peppers played both sports in college before becoming All-Pro NFL players. Antonio Gates played basketball at Kent State before giving football a try. He was announced as a Pro Football Hall of Fame inductee in February.

“Just being able to compete with these guys and impact the team any way I can,” Schieffelin said of his goals. “I’m going into this very optimistic and ready to learn. Being able to compete every day is something I enjoy. To learn football and have fun.

“Maybe I’ll be really good, maybe I’ll be really bad. It’s something that was worth a shot. And being able to put a Clemson jersey on again is really special to me, and to do it this time in Death Valley is going to be amazing.”

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The political earthquake Farage has long promised is now shaking our political system

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The political earthquake Farage has long promised is now shaking our political system

It’s quite simply a political earthquake. Across England, Reform proved it can translate positive polling into real power, picking up another parliamentary seat, a mayoralty, Staffordshire and Lincolnshire councils and dozens of seats by lunchtime. The popularity surge for this anti-establishment party is real. 

Look at the votes: Reform doubling its vote share in Runcorn against the general election to 38%, clocking up 42% of the vote in the Lincolnshire mayoral race and 32% in the Doncaster mayoral race, running Labour very close. By lunchtime, Reform had taken the long-held Staffordshire council from the Tories, wiping out their five-strong majority.

The significance of these wins, added in with the big gains for the Lib Dems and Greens, cannot be overstated. It speaks in a serious way to a new era of politics in the UK, in which the decades-long duopoly of Labour versus Conservative is crumbling with the rise of the other parties.

Politics latest: PM told to ‘change course’ as Reform surge to election wins

The trend was evident in the 2024 general election, when the two main parties got their lowest ever vote share. Labour’s clever targeting of seats ensured that it won a massive majority on just 34% of the popular vote. The Lib Dems won a record 70 seats, while Reform picked up five MPs and came second in 98 constituencies.

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Farage: ‘This is Reform-quake’

If that was a loveless landslide, this is the break-up, as voters, who backed Labour’s change message, seem to be pressing the change button again and turning out for a leader who is tapping into voters’ disillusionment with his slogan that “Britain is broken and needs Reform”.

For the government to lose a by-election just 10 months after winning a massive landslide is a terrible moment for Labour. It won this seat with 53% of the vote in July, against Reform polling at 18%. To end up losing it – albeit by just six votes – is a dreadful verdict from voters here on their early performance.

Those around the PM admit it is deeply frustrating but say they expected a kicking from an angry electorate impatient for change. They are taking crumbs of comfort in, just about, holding the mayoralties of Doncaster, North Tyneside and West of England.

But in early council results, the drop in the Labour vote is big, and that raises questions as to whether Starmer’s party will struggle to hold constituencies it gained in the July election, such as Hexham in Northumberland.

The approach from No 10 is to “keep calm and carry on” with its government agenda – the immigration white paper, defence review, infrastructure strategy – to deliver for the public and win back the support they had in the last general election in time for the next.

Read more:
Full local and mayoral election results
Reform has put the two traditional parties on notice

Nigel Farage holds up six fingers to indicate the six votes his party's candidate won by in the Runcorn and Helsby by-election.
Pic: Reuters
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Nigel Farage holds up six fingers to indicate the six votes his party’s candidate won by in the Runcorn and Helsby by-election. Pic: Reuters

For the Conservatives, it’s been – to quote one political rival – a “story of Tory councillors getting machine gunned”. In Staffordshire, where Farage did his final rally, Reform have taken a council where the Tories had a 50-strong majority.

The party has been absolutely hammered by Reform in the Tory heartlands of Lincolnshire, where Dame Andrea Jenkyns won the Greater Lincolnshire mayoralty by 40,000 votes. In the general election, the Conservatives held six of the eight parliamentary seats in this county, on Friday Jenkyns beat the Tories in eight out of the nine areas.

Those around Conservative leader Kemi Badenoch are trying to steady nerves, arguing that these results are disappointing but not surprising in the context of the party’s worst-ever election defeat in 2024, with the party “under new leadership” and “still in the early stages of a long-term plan to renew”.

Others are panicked and angry. “This is what political extinction looks like,” one senior Tory source told me, in a sign that questions over Badenoch’s leadership are only going to build.

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How significant are Reform’s wins?

There are many results still to come in, but what these elections are pointing to is the rise of multi-party politics with voting spread across three or four parties in many of the races and the two main parties rapidly losing ground.

It ties into the longer run trends in our voting, leaning towards more parties and less tribalism amongst voters, as the electorate shift loyalties, and frustration with Labour and the Tories fuels support for the alternatives.

Reform’s success in Runcorn and Durham, as well as Staffordshire and Lincolnshire, shows that Farage poses a significant threat to the two main parties. Add in the Lib Dems, challenging the Tories in their blue wall shires on the centre right, and what we see emerging is a party system where the two governing parties are no longer dominant.

These elections then, while relatively small, are profoundly consequential for our political system. Where we go next is hugely unclear. Much will rest on whether Labour can deliver on its promises and dull Farage’s drumbeat of change.

The shadow of Reform UK leader Nigel Farage is cast onto a branded board during a press conference at the Best Western Premier Mount Pleasant Hotel, Great North Road, Doncaster, in the run up to May's local and mayoral elections. Picture date: Monday April 7, 2025. PA Photo. See PA story POLITICS Reform. Photo credit should read: Danny Lawson/PA Wire
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Reform promised to fix ‘broken’ councils. Pic: PA

Reform’s challenge will be to prove that it can govern and sustain the additional scrutiny that being in office entails.

The Conservatives are in the most desperate place of all, squeezed by Reform on the right flank and the Lib Dems on the left. But what is clearer after today is that the political earthquake Farage has long promised is now shaking our political system in a perhaps epochal way.

The Reform leader has long been saying he is this country’s next prime minister. Looking at the way he and his party have translated poll leads into real power means that prospect is no longer a pipe dream.

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