the California-based firm—as well as Signature Bank—and effectively backstop the entire banking sector.reported that Rep. Dan Goldman "sold shares of First Republic Bank, the large depositor that was rapidly losing both cash and clients, on March 15, the day before it received an industry bailout of $30 million.", Democrat of California, sold First Republic shares that same day," thecontinued."Rep.
"People need to have confidence that policymakers are making decisions based on what's best for the country, not what's best for their stock portfolios." Details of the lawmakers' suspiciously well-timed transactions came a day after Sen. Jeff Merkley led a group of House and Senate members in the Ending Trading and Holdings in Congressional Stocks Act, legislation that would prohibit members of Congress, their spouses, and their dependent children from trading individual stocks.Sen. Sherrod Brown , a longtime proponent of banning stock trading in Congress and a cosponsor of the ETHICS Act, said during a Tuesdaythat lawmakers"were trading bank stocks" amid widespread turmoil in the financial sector last month.
"We know what position members of Congress can be in, and we know that the temptations are too great for some members of Congress to resist," said Brown, the chair of the Senate Banking Committee."That's why this legislation is so important. People need to have confidence that policymakers are making decisions based on what's best for the country, not what's best for their stock portfolios.
And their families.