Members of Congress are facing scrutiny after a new disclosure report filed by Florida Democrat Lois Frankel revealed that she dumped First Republic Bank stock prior to its collapse and 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. Frankel told CNN that her “account is managed independently by a money manager who buys and sells stocks at his discretion.” Congresswoman Frankel is not facing any investigations. The Daily Caller was first to report the news.
In one prominent instance, former Republican Senator Kelly Loeffler was the subject of an investigation after she sold millions of dollars in stock before the market collapsed in Spring 2020. CNN reported in May 2020 that the Justice Department notified attorneys for Loeffler that she would not face charges over the transactions. Loeffler denied any wrongdoing related to the sales. There have been a number of efforts since 2012 to strengthen the law. In January, Virginia Rep.
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