{"database": "press", "table": "releases", "rows": [["https://www.cornyn.senate.gov/news/cornyn-supports-bill-to-help-college-athletes-save-for-the-future-by-investing-nil-earnings-curtail-abuse-by-agents/", "Cornyn Supports Bill to Help College Athletes Save for the Future by Investing NIL Earnings, Curtail Abuse by Agents", "2025-12-09", "2025", "2025-12", "Republican", "Senate", "TX", "John Cornyn", "C001056", "www.cornyn.senate.gov", "cornyn", "https://www.cornyn.senate.gov/news/", "scraper", "WASHINGTON \u2013 U.S. Senator John Cornyn (R-TX) cosponsored 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 by athlete agents:\n\n\u201cSince the Supreme Court\u2019s decision in 2021, college athletics has rapidly evolved into a complex industry that gives students unprecedented earning power but lacks the guardrails to prepare them for financial success after graduation,\u201d said Sen. Cornyn. \u201cThe HUSTLE Act would optimize investment opportunities and modernize current law to ensure student athletes can save for their futures and have agents and advisors who act in their best financial interests.\u201d\n\nThe legislation is led by Senators Marsha Blackburn (R-TN) and Maria Cantwell (D-WA).\n\nBackground:\n\nSince the Supreme Court affirmed in 2021 that college athletes have a right to profit from their name, image, and likeness, (NIL) college athletics has turned into a multibillion-dollar marketplace. NIL deals generated more than $1.2 billion in the 2023-2024 period, with projections to exceed $2.5 billion by 2025-2026 if revenue sharing is fully implemented. While this new environment gives athletes unprecedented earning power, these athletes can often lack the financial tools, institutional support, or regulatory safeguards to navigate such a complex market. This 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 Helping Undergraduate Students Thrive with Long-Term Earnings (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;\n\nAnd direct 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:", 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.cornyn.senate.gov/news/cornyn-supports-bill-to-help-college-athletes-save-for-the-future-by-investing-nil-earnings-curtail-abuse-by-agents/"], "units": {}, "query_ms": 1.551157096400857, "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"}