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At least nine members of Congress sold bank shares amid last month’s turmoil

At least nine lawmakers, including members of the House Financial Services Committee, sold bank shares before and during last month’s market turmoil.

Josh Gottheimer, a Democrat from New Jersey and a member of the Financial Services Commission since 2019, revealed the March 9 sale of shares in the Bank of California. according to the analysis Public Disclosure of Stock Sale by Quiver Quantitative. The SVB collapsed the next day, sending US bank stocks into a massive downward spiral.

He also reported that sales of Charles Schwab shares on March 6 and March 14 were similarly valuable. Schwab’s stock has fallen nearly 30% since his March 7th.

Gottheimer also reported that it sold its position in Florida bank Seacoast Banking on March 29. Upheavalshares fell another 10% after the sale.

The transaction raises questions by public advocacy groups as to whether allowing public officials to own or trade shares, even where required by law, could pose a conflict of interest with public service. It happens when you are presenting. disclose them.

A representative for Gottheimer pointed to a statement last year that said his financial decisions were made at the discretion of a third-party financial adviser.

“I do not believe that members of Congress, judges, or government officials in policy roles should be involved in the day-to-day trading of securities, including cryptocurrencies,” he said in a statement. A representative said it was in the process of setting up a blind trust.

Gottheimer’s filings made him one of the most active stock traders in the House, with more than 380 trades last year, according to Quiver data.

Advocacy groups argue that owning stock in individual companies creates a conflict of interest that undermines public trust. “It really highlights why public trust in elected officials is so low,” said Daniel Caputo, ethics counsel for the Center for Election Law, a campaign watchdog group. .

“It doesn’t matter if you specifically dictate a particular transaction under current law. It is imperative that we prohibit getting.”

Gottheimer was one of a number of lawmakers to sell bank shares as the sector was hit by turmoil last month.

House Democrat Daniel Goldman, who represents New York districts, sold Schwab’s positions worth between $15,000 and $50,000 on March 6, and San Francisco-based First Republic on March 15. I sold my bank shares. Since his sale, First Republic shares have fallen by more than half.

Florida Democrat Jared Moskowitz reportedly sold his position in Seacoast worth between $65,000 and $150,000 on March 10. The deal was first reported two days after he attended a congressional briefing on the banking crisis. new york timesA spokesperson for Moskowitz told The Times that the stock sale was “suggested by the congressman’s financial advisers as a means of diversifying his young children’s holdings.”

Utah Republican John Curtis and Oregon Democrat Earl Blumenauer also reportedly sold shares in First Republic on March 15 and 20.

A Goldman representative said, “Goldman Rep. is not involved in the trading of shares in his portfolio that are fully controlled by investment advisors.” is in

Blumenauer and Curtis did not respond to requests for comment from the Financial Times.

Laws that limit Congress’ ability to own or trade in individual securities have stalled in recent years, but some lawmakers say support is lacking. Growing for a complete ban on practice.

“Members of the House are supposed to serve the American people, not their stock portfolios,” Senator Sherrod Brown, a Democrat of Ohio, said in a press release.he has submitted a billIt aims to limit the ownership of stocks, commodities and futures by Members of Parliament, which has attracted 22 co-sponsors.

Current rules allow members of Congress to wait up to 45 days to report a transaction, which could result in further transactions.

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At least nine lawmakers, including members of the House Financial Services Committee, sold bank shares before and during last month’s market turmoil.Josh Gottheimer, a Democrat from New Jersey and a member of the Financial Services Commission since 2019, revealed the March 9 sale of shares in the Bank of California. according to the analysis Public Disclosure of Stock Sale by Quiver Quantitative. The SVB collapsed the next day, sending US bank stocks into a massive downward spiral.He also reported that sales of Charles Schwab shares on March 6 and March 14 were similarly valuable. Schwab’s stock has fallen nearly 30% since his March 7th. Gottheimer also reported that it sold its position in Florida bank Seacoast Banking on March 29. Upheavalshares fell another 10% after the sale. The transaction raises questions by public advocacy groups as to whether allowing public officials to own or trade shares, even where required by law, could pose a conflict of interest with public service. It happens when you are presenting. disclose them. A representative for Gottheimer pointed to a statement last year that said his financial decisions were made at the discretion of a third-party financial adviser. “I do not believe that members of Congress, judges, or government officials in policy roles should be involved in the day-to-day trading of securities, including cryptocurrencies,” he said in a statement. A representative said it was in the process of setting up a blind trust. Gottheimer’s filings made him one of the most active stock traders in the House, with more than 380 trades last year, according to Quiver data.Advocacy groups argue that owning stock in individual companies creates a conflict of interest that undermines public trust. “It really highlights why public trust in elected officials is so low,” said Daniel Caputo, ethics counsel for the Center for Election Law, a campaign watchdog group. . “It doesn’t matter if you specifically dictate a particular transaction under current law. It is imperative that we prohibit getting.”Gottheimer was one of a number of lawmakers to sell bank shares as the sector was hit by turmoil last month.House Democrat Daniel Goldman, who represents New York districts, sold Schwab’s positions worth between $15,000 and $50,000 on March 6, and San Francisco-based First Republic on March 15. I sold my bank shares. Since his sale, First Republic shares have fallen by more than half. Florida Democrat Jared Moskowitz reportedly sold his position in Seacoast worth between $65,000 and $150,000 on March 10. The deal was first reported two days after he attended a congressional briefing on the banking crisis. new york timesA spokesperson for Moskowitz told The Times that the stock sale was “suggested by the congressman’s financial advisers as a means of diversifying his young children’s holdings.”Utah Republican John Curtis and Oregon Democrat Earl Blumenauer also reportedly sold shares in First Republic on March 15 and 20. A Goldman representative said, “Goldman Rep. is not involved in the trading of shares in his portfolio that are fully controlled by investment advisors.” is in Blumenauer and Curtis did not respond to requests for comment from the Financial Times.Laws that limit Congress’ ability to own or trade in individual securities have stalled in recent years, but some lawmakers say support is lacking. Growing for a complete ban on practice. “Members of the House are supposed to serve the American people, not their stock portfolios,” Senator Sherrod Brown, a Democrat of Ohio, said in a press release.he has submitted a billIt aims to limit the ownership of stocks, commodities and futures by Members of Parliament, which has attracted 22 co-sponsors.Current rules allow members of Congress to wait up to 45 days to report a transaction, which could result in further transactions.
https://www.ft.com/content/4760d1e6-7de2-4842-832f-9d00a3cfc40d At least nine members of Congress sold bank shares amid last month’s turmoil

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