{"id":1918013,"date":"2023-04-22T05:10:22","date_gmt":"2023-04-22T09:10:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-lawmakers-went-on-bank-stock-selling-spree-amid-banking-crisis\/"},"modified":"2023-04-22T05:14:43","modified_gmt":"2023-04-22T09:14:43","slug":"us-lawmakers-went-on-bank-stock-selling-spree-amid-banking-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-lawmakers-went-on-bank-stock-selling-spree-amid-banking-crisis\/","title":{"rendered":"US Lawmakers Went on Bank Stock-Selling Spree Amid Banking Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-lawmakers-went-on-bank-stock-selling-spree-amid-banking-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1918013&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0421\/def18d43-968a-44df-88c2-1e97d0eb244d\/audio.mp3?length=4216653&#038;duration=351\"><\/div>\n<\/p>\n<p>Dozens of members of Congress and their close relatives continued to sell off\u00a0banking stocks amid the extreme financial turbulence in March prompted by the collapse of Silicon Valley Bank (SVB), according to an\u00a0analysis by Capitol Trades.<\/p>\n<p>Many of the selloffs came at the same time as some of the lawmakers were actively meeting with banking regulators to discuss the financial turmoil.<\/p>\n<p>The analysis by the platform\u00a0shows that\u00a0Rep. Jared Moskowitz (D-Fla.) <a href=\"https:\/\/www.capitoltrades.com\/politicians\/M001217\">sold<\/a>\u00a0$65,000\u2013150,000 worth of Seacoast Banking Corporation shares on March 10, the same day that SVB failed.<\/p>\n<p>Posting on Twitter regarding the collapse of SVB two days later,\u00a0Moskowitz <a href=\"https:\/\/twitter.com\/JaredEMoskowitz\/status\/1634712764374560773\">wrote,<\/a> \u201cVery concerned we will see contagion come Monday if action isn\u2019t taken.\u201d<\/p>\n<p>In an <a href=\"https:\/\/twitter.com\/MehdiHasanShow\/status\/1635081206579511297\">interview<\/a> with MSNBC shortly after, Moskowitz said he was happy to see the\u00a0Federal Deposit Insurance Corporation (FDIC) and the Treasury Department had \u201cstepped up\u201d to protect depositors impacted by the collapse of SVB and that it was the right decision to do so.<\/p>\n<p>\u201cWe have to try and contain this from spreading among other banks. I am still worried about tomorrow, Monday, when the markets open,\u201d he said.<\/p>\n<p>\u201cThere are a lot of people working behind the scenes on a bipartisan basis \u2026 I got off a bipartisan briefing, and there are Democrats and Republicans in both chambers worried about this and working with the administration to try and prevent contagion,\u201d\u00a0Moskowitz added.<\/p>\n<p>Seacoast Banking shares fell nearly 20 percent on March 13.<\/p>\n<p>According to the analysis,\u00a0Rep. Dan Goldman (D-N.Y.) also sold $1,000\u201315,000 worth of shares of First Republic Bank on March 15, two days after its <a href=\"https:\/\/www.theepochtimes.com\/first-republic-bank-shares-crash-60-percent-as-financial-stability-jitters-spread_5118432.html\">shares plunged more than 60 percent<\/a> in premarket trading amid concerns it might be next to collapse.<\/p>\n<figure id=\"attachment_5122798\" style=\"width: 600px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/03\/14\/GettyImages-1248150140-1-1200x798.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a> Silicon Valley Bank customers wait in line at SVB headquarters in Santa Clara, Calif., on March 13, 2023. (Noah Berger\/AFP via Getty Images)<\/figure>\n<h2>Other Lawmakers Follow Suit<\/h2>\n<p>The bank later received a\u00a0$30 billion rescue deal from 11 of the largest financial institutions in the United States, staving off another failure.<\/p>\n<p>Elsewhere, the wife and children of Rep. Ro Khanna, (D-Calif.) sold\u00a0$1,000 to $15,000 shares of\u00a0First Republic Bank on March 15.<\/p>\n<p>According to separate financial disclosures\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/lawmakers-trade-bank-stocks-while-working-on-u-s-bank-failure-fallout-b4ccbf5?mod=hp_lead_pos12\">analyzed<\/a> by The Wall Street Journal, a string of other lawmakers, including\u00a0Rep. Earl Blumenauer (D-Ore.),\u00a0who also sits on the House Ways and Means Committee, and Rep. John Curtis (R-Utah),\u00a0a member of the House Energy and Commerce Committee, reported selling up to $15,000 in stocks of First Republic Bank in the days after it was hit by the banking crisis.<\/p>\n<p>Curtis also sold\u00a0Bank of America shares.<\/p>\n<p>Meanwhile, Rep. Nicole Malliotakis (R-N.Y.),\u00a0who sits on the House Ways and Means Committee, reported buying between $1,001 and $15,000 in New York Community Bancorp stock on March 17, a few days after meeting with regulators to discuss the collapse of\u00a0Signature Bank, according to the publication.<\/p>\n<p>\u201cBoth last night and this morning I have been meeting with the Federal Reserve, U.S. Department of Treasury, Governor [Kathy] Hochul, and New York State Department of Financial Services Superintendent Adrienne Harris to discuss the closure of Signature Bank,\u201d her office said in a March 13\u00a0<a href=\"https:\/\/twitter.com\/RepMalliotakis\/status\/1635276376218677248\">statement<\/a>\u00a0posted to her official Twitter account.<\/p>\n<p>A subsidiary of New York Community Bancorp <a href=\"https:\/\/www.theepochtimes.com\/new-york-community-bank-subsidiary-to-buy-failed-signature-bank-in-2-7-billion-deal_5134813.html\">announced<\/a> on March 19 that it would buy a large portion of the failed Signature Bank under a $2.7 billion deal with\u00a0U.S. regulators.<\/p>\n<figure id=\"attachment_5129302\" style=\"width: 600px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/03\/16\/First-Republic-GettyImages-1473330886-1200x780.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a> People walk by the First Republic Bank headquarters in San Francisco, Calif., on March 13, 2023. (Justin Sullivan\/Getty Images)<\/figure>\n<h2>Senators Introduce Trading Bill<\/h2>\n<p>In an emailed <a href=\"https:\/\/news.yahoo.com\/fears-banking-crisis-surged-members-114128107.html?guccounter=1&#038;guce_referrer=aHR0cHM6Ly9jbXMuZXBvY2hjcm0uY29tLw&#038;guce_referrer_sig=AQAAAJP1OPeHxVETPK1WoZFHYIPHQZjWC1AD2PX1p2Ao5iRJHN9cbQoYkJUijWlTddsD_5B5hvp2Q_q7X8ACCanIZBT5-rbrZC4l2YMe1XzFsZL33qxK168pBv-oTl2C04_Nlq9GMpDQyU5U5aBm4-D9780okyyIsLOeA4FZBqbbwBxK\">statement<\/a> to The New York Times, which also reported on the stock selloffs, a\u00a0spokesperson for Moskowitz said that the\u00a0congressman\u2019s financial adviser has suggested the\u00a0Seacoast share sales as a way to \u201cdiversify his young children\u2019s holdings.\u201d<\/p>\n<p>Moskowitz said the congressional briefing on the bank crisis had taken prior to his television interview and after the shares were sold.<\/p>\n<p>A spokesperson for Goldman told the publication that his\u00a0portfolio is \u201cmanaged by a third party without his knowledge\u201d and that he will be establishing a blind trust to \u201cavoid any appearance of a conflict of interest.\u201d<\/p>\n<p>Khanna told the publication that his filings relate to trades made by a \u201cdiversified trust\u201d belonging to his wife and young children and that he is not invol<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dozens of members of Congress and their close relatives continued to sell off\u00a0banking stocks amid the extreme financial turbulence in March prompted by the collapse of Silicon Valley Bank (SVB), according to an\u00a0analysis by Capitol Trades. Many of the selloffs came at the same time as some of the lawmakers were actively meeting with banking<\/p>\n","protected":false},"author":69,"featured_media":1918014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[5373,14689,6170,3673,10782,24894],"class_list":["post-1918013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-bank","tag-banking","tag-crisis","tag-lawmakers","tag-spree","tag-stock-selling"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1918013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/69"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1918013"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1918013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1918014"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1918013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1918013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1918013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}