College sports have transformed now that athletes can earn money through revenue-sharing and endorsement deals. Players enjoy economic fruits of their labor and can transfer schools freely, creating what critics call a chaotic, unregulated bazaar where colleges outbid one another.

The Senate is debating the Protect College Sports Act, which would limit transfers to one move, require athletes making a second transfer to sit out a year, and set a five-year eligibility window. Athletes would retain compensation rights for name, image and likeness. Senator Ted Cruz, Republican of Texas, co-authored the bill with Senator Maria Cantwell, Democrat of Washington, calling the current landscape "the Wild West."

Opponents argue the bill restricts players in ways coaches and regular workers aren't limited. Senator Chris Murphy, Democrat of Connecticut, said it protects "a system of exploitation." Derrick Johnson, president of the N.A.A.C.P., said athletes, particularly Black athletes, shouldn't generate revenue without sharing in it. The bill could reach a Senate floor vote next week.

Separately, the Fed raised interest rates by a quarter point, the first increase in over three years, affecting borrowing costs and savings returns.