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JPMorgan to acquire most of the First Republic after frantic weekend rescue
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efficentupup joined discussion · Apr 23, 2023 18:07

At least 9 members of US Congress sold bank stocks amid turmoil last month

At least nine members of Congress sold banking stocks before and during market turmoil last month, including a member of the House financial services committee who sold Silicon Valley Bank stock before it failed.
At least 9 members of US Congress sold bank stocks amid turmoil last month
New Jersey Democrat and financial services committee member Josh Gottheimer disclosed the sale of shares in Silicon Valley Bank (SVB) on March 9.
The sale, valued between $1,000 and $15,000, was made just before SVB's collapse the next day, which sent US banking stocks into a downward spiral.
Gottheimer also reported sales of shares in Charles Schwab and Seacoast Banking made on March 6 and March 14, and March 29 respectively.
Advocacy groups have questioned whether allowing government officials to own or trade stocks might create conflicts of interest with their official duties.
Gottheimer points to last year's statement that his financial decisions were made by a third-party financial adviser and says he plans to set up a blind trust.
Quiver data shows that Gottheimer made over 380 trades last year, making him one of the most active stock traders in the House of Representatives.
Partial officials and their related transaction information are as follows:
Daniel Goldman, a Democratic member of the House of Representatives representing a New York constituency, sold positions in Goldman Sachs and shares of First Republic Bank on March 6th.
At least 9 members of US Congress sold bank stocks amid turmoil last month

Jared Moskowitz, a Democrat from Florida, sold positions in Seacoast on March 10th.
At least 9 members of US Congress sold bank stocks amid turmoil last month

John Curtis, a Republican from Utah, and Earl Blumenauer, a Democrat from Oregon, sold shares of First Republic Bank from March 15th to 20th.
At least 9 members of US Congress sold bank stocks amid turmoil last month
My view: I think it's a bit inappropriate for Congress members to trade stocks because it makes people think they have the power to manipulate stocks for profit. Not only does it generate distrust, but it could also create conflicts of interest between their duties and personal financial gains.
Moreover, this behavior could give the impression that they have an advantage over other investors due to their access to privileged information and intuition. Therefore, I think Congress members should refrain from trading stocks and focus on fulfilling their duties instead.
What do you think about congressmen trading stocks?
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efficentupup
True and timely
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