A slew of lawmakers — both Democrat and Republican — 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 scurried to withdraw their funds.
Periodic transaction disclosure forms reveal that multiple lawmakers dumped 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.