Lawmakers Dumped Their Shares In First Republic Bank Before The Company Collapsed | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Multiple lawmakers sold their shares in First Republic Bank in the weeks before the firm collapsed and was sold to JPMorgan Chase by financial regulators.

    First Republic Bank imploded on Monday, weeks after Silicon Valley Bank and Signature Bank similarly collapsed, as account holders with balances above the Federal Deposit Insurance Corporation threshold rushed to withdraw their funds. Periodic transaction disclosure forms reveal that multiple lawmakers jettisoned their shares in First Republic Bank or acquired shares in JPMorgan Chase over the past two months, a phenomenon which follows accusations that some lawmakers routinely buy stocks at opportune times and cut losses by selling shares.

    The lawmakers who sold shares of First Republic Bank indeed avoided heavy losses: the firm's stock fell from $121.54 at the beginning of the year to $3.51 at the time of the collapse.

    Rep. Lois Frankel (D-FL) sold between $1,001 and $15,000 in First Republic Bank shares on March 16 and bought between $1,001 and $15,000 in JPMorgan Chase shares on March 22. Rep. Ro Khanna (D-CA) purchased between $1,001 and $15,000 shares of First Republic Bank shares on March 9 but likewise sold the same indeterminate amount of the assets on March 15, as well as purchased between $1,001 and $15,000 in JPMorgan Chase stock on both March 3 and March 14. His disclosure form said the shares belonged to his wife and dependent child.

    Rep. John Curtis (R-UT) meanwhile sold between $1,000 and $15,000 in First Republic Bank shares on March 16, and the wife of Rep. Earl Blumenauer (D-OR) sold between $1,001 and $15,000 in First Republic Bank stock on March 20. Rep. Dan Goldman (D-NY) also sold between $1,001 and $15,000 in First Republic Bank shares on March 15.

    Rep. Nicole Malliotakis (R-NY) previously bought between $1,001 and $15,000 of stock in New York Community Bancorp, the company which would acquire Signature Bank, on March 17.

    The trades amid the possible financial crisis marked one of several instances in which lawmakers were criticized for improperly leveraging their insider knowledge of the financial markets. Democrats and Republicans, including conservative Rep. Matt Gaetz (R-FL) and leftist Rep. Alexandria Ocasio-Cortez (D-NY), proposed a bill on Tuesday that would prohibit fellow lawmakers, their spouses, and their dependents from buying or selling individual stocks, the latest of multiple prior legislative proposals to address the controversy.

    "The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America," Rep. Brian Fitzpatrick (R-PA), another sponsor of the bill, said in a statement. "We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information."

    The failure of the three medium-sized banks could threaten the economy and induce a contraction. Officials at the Federal Reserve concluded that the volatility in the financial system warrants a recession forecast for the end of the year, followed by a predicted recovery over the course of the subsequent two years.

Considering the current overwhelming obstacles inflicting stress upon America's working class: rampant inflation; energy insecurity; supply chain turmoil; banking failures; foreign policy disasters; government corruption; (DEI) Diversity Equity Inclusion narrative, with WOKE extremes practiced; Climate Change ideology; intractable crime wave in Leftist cities; wide open border by executive design; a permanently discredited Legacy Media; failed or failing education industry, just to name a few of the many: Who should Americans blame?
  Donald J. Trump
  Joseph R. Biden
  Leftist controlled Congress for the last 4 years.
  Bloated, incompetent bureaucracy weaponized and poorly managed
  The electorate, US, for putting these fools in elected office that utterly fail
122 total vote(s)     What's your Opinion?

Go Back


Latest Op-Ed & Politics

Fox News is reportedly set to replace its entire primetime lineup with three of the network’s biggest hosts, according to a new report.
President Joe Biden and House Speaker Kevin McCarthy (R-CA) each said on Tuesday that they made progress on debt ceiling negotiations, indicating thaws in an impasse as the nation faces a possible debt default in two weeks.
Amid news that Vice Media is filing for bankruptcy, there is growing concern at the White House that the Biden administration will now have to begin lying to the American people directly rather than doing so more discreetly through Vice Media.
Congressmen Jim Jordan (R-OH) and Lance Gooden (R-TX) issued a joint letter calling attention to the potential use of federal funds to enable illegal immigration into the United States.
When the North Carolina Supreme Court ruled on our state’s voter ID law on April 28th, the justices only had to answer one narrow question: “[Does the voter ID law] violate the meaningful protections set forth in Article I, Section 19 of the North Carolina Constitution?”
Twitter CEO Elon Musk said during an interview Tuesday night that he believes that the U.S. might be on the verge of serious financial issues later this year due to a variety of factors.


The White House is claiming that illegal immigration is now down over 90% thanks to them redefining what illegal immigration is.
A top House Republican wants the Internal Revenue Service (IRS) to clarify what is happening with the criminal investigation into Hunter Biden after lawyers for a whistleblower within the agency claimed his team got removed from the case.
RALEIGH: On Thursday, Governor Roy Cooper released a video outlining the devastating impact Senate Bill 20 would have on women’s reproductive health in North Carolina and calling on several Republican legislators to keep their campaign promises to protect women’s health.
Let’s get one thing straight from the get-go: this isn’t a partisan thing.
Carolina Journal’s Editor-in-Chief Donna King hosts a recap of the week’s legislative news with journalists and state policy experts.
One of Australia’s biggest maritime mysteries has been solved with the discovery of a ship that sank 50 years ago, sending its crew on a harrowing journey of survival.


Juneteenth is the fulfillment of the Declaration of Independence.


Back to Top