Congresswoman’s Pre-Sale Stock Switch Revealed in Financial Disclosures
Staff Editor A new financial disclosure report filed by Florida Democrat Lois Frankel has raised eyebrows in the halls of Congress. The report revealed that she sold her stock in First Republic Bank before its collapse and purchased JPMorgan stock before JPMorgan acquired First Republic.
The timing of the transactions is concerning, as it appears that Frankel knew about the impending sale between two major banks, which could have been used for personal gain. This type of activity is prohibited for members of Congress under ethics rules and federal law, making this situation particularly troubling.
In response to these allegations, Frankel’s office released a statement saying that she was unaware at any time during her investments with either bank about any pending merger or acquisition plans they may have had underway. She also noted that all trades were made through an independent broker who advised on investment decisions without consulting her directly about their contents or implications beforehand.
Frankel has since requested an investigation into the matter from both congressional ethics committees and government regulators to ensure no wrongdoing occurred during these transactions or other related activities involving either bank’s stocks over recent months leading up to this incident coming into the light today.
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