HUSTLE Act

The HUSTLE Act, S.3378, was introduced in the Senate on December 4, 2025, and subsequently referred to the Committee on Finance. This bill aims to amend the Internal Revenue Code of 1986 to establish tax-exempt Name, Image, and Likeness (NIL) investment accounts for student-athletes. As of April 7, 2026, the bill remains in the early stages of the legislative process, with no further action since its referral to committee. The bill does not authorize or appropriate a specific dollar amount. Instead, it proposes a structural change to the tax code by creating a new type of tax-exempt investment vehicle. This mechanism would allow student-athletes to invest earnings from their NIL activities without immediate tax implications, thereby increasing the pool of investable assets. The financial services industry, including investment firms and payment processors, would benefit from the creation and management of these new accounts, expanding their client base and transaction volumes. Structural beneficiaries of this legislation, if enacted, would include financial institutions that offer investment accounts and wealth management services, such as The Charles Schwab Corporation ($SCHW), Morgan Stanley ($MS), and BlackRock, Inc. ($BLK). Payment processors like Visa Inc. ($V), Mastercard Incorporated ($MA), and PayPal Holdings, Inc. ($PYPL) would also benefit from increased transaction volumes associated with NIL earnings and subsequent investments. The bill's early stage means any market impact is currently speculative. Recent market data for these companies shows varied performance. Over the last 7 days, Morgan Stanley ($MS) gained 5.17%, BlackRock, Inc. ($BLK) gained 2.71%, Mastercard Incorporated ($MA) gained 1.52%, Visa Inc. ($V) gained 1.27%, and PayPal Holdings, Inc. ($PYPL) gained 1.81%. The Charles Schwab Corporation ($SCHW) saw a slight decrease of -0.08% over the same period. Over the last 30 days, Morgan Stanley ($MS) gained 2.46%, while The Charles Schwab Corporation ($SCHW) decreased by -2.54%, BlackRock, Inc. ($BLK) decreased by -7.3%, Visa Inc. ($V) decreased by -5.15%, Mastercard Incorporated ($MA) decreased by -4.41%, and PayPal Holdings, Inc. ($PYPL) decreased by -4.53%. The current stock prices are $SCHW at $92.99, $MS at $166.55, $BLK at $959.41, $V at $303.33, $MA at $501.5, and $PYPL at $45.48. For the bill to progress, it must be considered and passed by the Committee on Finance, then by the full Senate, and subsequently by the House of Representatives, before being signed into law by the President.