BLACKBURN, CANTWELL INTRODUCE LEGISLATION TO HELP COLLEGE ATHLETES SAVE FOR THE FUTURE BY INVESTING NIL EARNINGS

WASHINGTON, Dec. 8 -- Sen. Marsha Blackburn issued text of the following speech:

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.

In 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 ...