{"database": "press", "table": "releases", "rows": [["https://www.blackburn.senate.gov/2025/12/general/blackburn-cantwell-introduce-legislation-to-help-college-athletes-save-for-the-future-by-investing-nil-earnings", "Blackburn, Cantwell Introduce Legislation to Help College Athletes Save for the Future by Investing NIL Earnings", "2025-12-08", "2025", "2025-12", "Republican", "Senate", "TN", "Marsha Blackburn", "B001243", "www.blackburn.senate.gov", "blackburn", "https://www.blackburn.senate.gov/news/cc8c80c1-d564-4bbb-93a4-f1d772346ae0", "scraper", "WASHINGTON, D.C. \u2013 U.S. Senators Marsha Blackburn (R-Tenn.) and Maria Cantwell (D-Wash.) introduced the Helping Undergraduate Students Thrive with Long-Term Earnings (HUSTLE) Act, which would create first-of-its kind name, image, and likeness (NIL) tax-advantaged investment accounts for student athletes, require trustees to provide financial education, and establish regulations to prevent abuse.\n\nIn 2021, the National Collegiate Athletic Association (NCAA) allowed student-athletes to profit from their name, image, and likeness, which has now become a multibillion-dollar marketplace. With these NIL agreements opening the door to new economic freedoms, the HUSTLE Act would ensure college athletes have strong protections, clear guidance, and financial literacy to help them better navigate the world of college athletics.\n\n\u201cCollege athletes are now earning billions of dollars from their name, image, and likeness\u2014and rightly so. We must empower these students to safeguard their financial future and protect themselves against rogue agents,\u201d said Senator Blackburn. \u201cThe HUSTLE Act would allow college athletes to invest their earnings in a tax-advantaged account that grows over time, strengthen financial education, and create safeguards to prevent exploitation by dishonest agents.\u201d\n\n\u201cThis bill focuses in on the financial security and safety of college athletes who \u2013 finally \u2013 are earning compensation for their name, image, and likeness (NIL),\u201d said Senator Cantwell.\u201cMany of these athletes will be in a unique situation where they will earn NIL income during a relatively brief period of their careers. Our bill will set up a specific NIL Account where they can set aside some of that income and build long-term savings. The bill also will protect athletes and their NIL earnings against financial exploitation by unscrupulous agents. Since athletes have been able to earn NIL, some have been victimized by agents who have charged shockingly high commissions or have tried to take ownership of the athlete\u2019s intellectual property rights. Our bill will rein in these abuses and require agents to register with a state.\u201d\n\nBACKGROUND\n\nSince the Supreme Court affirmed in 2021 that college athletes have a right to profit from their name, image, and likeness, college athletics has turned into a multibillion-dollar marketplace. NIL deals generated over $1.2 billion in the 2023-2024 period, with projections to exceed $2.5 billion by 2025-2026 if revenue sharing is fully implemented.\n\nAthletes who just a few years ago were prohibited from accepting basic sponsorships are now signing deals with national brands, monetizing social media platforms, licensing personal trademarks, and participating in increasingly complex commercial partnerships.\n\nWhile this new environment gives athletes unprecedented earning power, these athletes can often lack the financial tools, institutional support, or regulatory safeguards necessary to navigate such a complex market.\n\nIn a 2022 NCAA survey of over 9,800 athletes, 49% indicated a need for educational resources specifically on tax and financial literacy. In the same study, only 9% of student-athletes had ever met with a financial counselor.\n\nThis mismatch\u2014significant income paired with limited guidance\u2014shows that student-athletes must be further empowered to invest in their financial futures and protect their long-term financial well-being.\n\nTHE HUSTLE ACT\n\nThe HUSTLE Act would:\n\nAllow student-athletes to contribute their NIL income up to the annual gift-tax exclusion amount to an NIL Investment Account, with the funds growing tax-free;\n\nAllow up to $35,000 of unused NIL account funds to be rolled over into an IRA or other retirement vehicle once the athlete has been out of college sports for at least a year;\n\nRequire trustees to provide financial education to ensure athletes understand and manage their NIL savings responsibly; and\n\nDirect the U.S. Department of the Treasury to issue regulations to prevent abuse, ensure proper reporting, track contribution limits, and define additional qualified expenses.\n\nThe HUSTLE Act would also modernize the Sports Agent Responsibility and Trust Act by:\n\nRequiring athlete agents to register with a state before representing athletes in NIL endorsements;\n\nCapping agent fees at 5 percent and certifying their registration to the athletic association that governs the athlete\u2019s sport;\n\nFurther banning a range of deceptive practices, including misrepresenting NIL opportunities to influence enrollment or transfer decisions and signing athletes to contracts that extend beyond their eligibility; and\n\nRequiring athletic associations\u2014such as the NCAA or other national governing bodies\u2014to maintain a public, searchable online registry of all registered and certified athlete agents, dramatically increasing transparency for athletes and families.\n\nClick here for bill text.\n\nWHAT THEY ARE SAYING\n\nSenators Blackburn and Cantwell have worked with outside entities to solicit feedback for this bipartisan legislation to support college athletes:\n\n\u201cSenator Blackburn is an advocate for student-athletes and continues to pursue innovative solutions related to their name, image, and likeness. At UT, we have long prioritized providing student-athletes with opportunities to build strong financial literacy. Federal incentives that support saving and investing NIL assets will further empower them to secure a strong financial foundation and thrive long after their time on Rocky Top,\u201d said University of Tennessee, Knoxville.\n\n\u201cThe Southeastern Conference is grateful for the continued engagement of lawmakers in addressing the evolving needs of student-athletes. The HUSTLE Act represents a constructive approach by establishing tax-advantaged NIL investment accounts that encourage financial education, long-term savings, and responsible management of earnings. We appreciate Congress\u2019s sustained bipartisan commitment to developing national, consistent standards that support student-athletes and enhance their opportunities in this rapidly changing environment,\u201dsaid SEC Commissioner Greg Sankey.", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.blackburn.senate.gov/2025/12/general/blackburn-cantwell-introduce-legislation-to-help-college-athletes-save-for-the-future-by-investing-nil-earnings"], "units": {}, "query_ms": 2.466541016474366, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}