Fresh off the introduction of a new bill that bans congress members from trading and owning stocks, Florida Democratic congresswoman Lois Frankel has revealed that she dumped First Republic Bank stock prior to its collapse. Additionally, she purchased JPMorgan stock before JPMorgan purchased First Republic.
According to a financial disclosure report filed on April 28, Frankel sold between $1,001 and $15,000 in First Republic stock on March 16 and then bought between $1,001 and $15,000 in JPMorgan stock on March 22.
Lois Frankel spoke to CNN about the purchases. She says her account “is managed independently by a money manager who buys and sells stocks at his discretion.” Congresswoman Frankel is not facing any investigations.
In January, Virginia Rep. Abigail Spanberger and Republican Rep. Chip Roy of Texas reintroduced the bipartisan Transparent Representation Upholding Service and Trust (TRUST) in Congress Act, which bans members of Congress and their families from trading individual stocks.
“We are long overdue for a vote on legislation to ban Members of Congress and their spouses from trading individual stocks,” Spanberger said in a statement in January.
“Our TRUST in Congress Act would demonstrate that lawmakers are focused on serving the interests of the American people – not their own stock portfolios.”Virginia Rep. Abigail Spanberger
Last Congress, the bill failed to receive sufficient support to get a floor vote.
Currently, Republicans and Democrats are looking over a new proposed bill that would prohibit this once again.