A new financial disclosure report from Rep. Lois Frankel (D-FL) has reignited debate over insider trading in Congress after the Democrat was revealed to have dumped her stock in First Republic Bank and bought up shares of JPMorgan just before Monday’s fire sale. U.S. regulators seized First Republic in the largest bank collapse since 2008, with its assets sold to JPMorgan Chase Bank.
According to an April 28 financial disclosure statement, which The Daily Caller published initially, Frankel sold between $1,001 and $15,000 in First Republic stock on March 16 before buying up anywhere from $1,001 to $15,000 in JPMorgan stock on March 22.
Periodic transaction reports are required to be submitted by members of Congress per the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, which is intended to prevent lawmakers from insider trading.
In a statement to the Caller, a representative for Frankel denied that the Democrat had committed any wrongdoing, claiming that her finances were handled “independently.” Frankel reportedly said through that spokesman,
“My account is managed independently by a money manager who buys and sells stocks at his discretion.”
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BREAKING NEWS: Another Congressman literally traded banking stocks again.
Lois Frankel sold $FRC on March 16th, avoiding the remaining 80% drop.
She THEN BOUGHT $JPM, the bank buying FRC on March 22nd.
— unusual_whales (@unusual_whales) May 1, 2023
Dan Franzese a businessman and investor running for the Republican Primary nomination to be the one to get the chance to unseat Frankel said:
“Lois Frankel’s well-timed sale of First Republic shares before it took a nose-dive as regulators moved in, and her well-timed buy of JPMorgan shares before it benefited from its government arranged purchase of First Republic, is highly suspicious and warrants a full Congressional investigation.”~Dan Franzese
Full Press Release from Franzese:
Congresswoman Lois Frankel sold First Republic Bank in March before the stock dropped 80%
After she sold First Republic, she bought JP Morgan Chase which just bought First Republic. She clearly had inside information.
If me or you did this then we would be in prison. pic.twitter.com/blvDMF2ag6
— Matt Allen (@investmattallen) May 1, 2023
Lois Frankel needs to resign for insider trading and information. pic.twitter.com/7JFC2ybJ92
— SparkyBru (@SparkyBru) May 2, 2023
The Federal Deposit Insurance Corporation (FDIC) took control of First Republic on Monday after it lost $100 billion in deposits. Its assets were sold a little more than a week after Frankel purchased stock in JPMorgan. She sold her stock in First Republic less than a week prior to that. First Republic stock would later plummet 75 percent in the lead-up to the seizure.
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