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.
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.
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.
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.
Jared Moskowitz, a Democrat from Florida, sold positions in Seacoast on March 10th.
John Curtis, a Republican from Utah, and Earl Blumenauer, a Democrat from Oregon, sold shares of First Republic Bank from March 15th to 20th.
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.
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?
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Earlyretire : Jail! There's no much insider trading on the daily. It's disgusting
The Brown Knight : Id say under a certain limit of say… 10,000$ (total) it wouldn’t bother me. But if there are dumping more than that, then yes!
Expendabiggles : Whats going to be done about it?? Not a damn thing.
Biff : They're insiders on everything. They should not be allowed to own stocks
razo2 : do you know why our economic data is in a mess now? you can thank these people for it. utter chaos before the system collapse. for all you know they probably already switched to a safer asset laughing at bull and bears as they feed shit to your guys to eat daily on news and YouTube.
efficentupupOP razo2: so sad
efficentupupOP Biff: totally agree!
efficentupupOP Expendabiggles: I heard that they were given a deadline to explain this
efficentupupOP The Brown Knight: Great
efficentupupOP Earlyretire:
View more comments...