RawStory+: As First Republic Bank faltered, five members of Congress dumped their personal stock investments

05.2.2023 / By Dave Levinthal, Alexandria Jacobson, and Mark Alesia
RawStory+: As First Republic Bank faltered, five members of Congress dumped their personal stock investments

While there’s no evidence that the lawmakers used information they obtained through their public service to inform their First Republic stock trades, such stock sales “can erode the public’s faith and confidence in Congress,” said Aaron Scherb, senior director of legislative affairs for Common Cause, a nonpartisan government watchdog organization. “The perception of corruption can be just as damaging as actual corruption in many cases,” said Scherb, noting that a bipartisan coalition of lawmakers have introduced bills that would ban members of Congress and their immediate family members from trading individual stocks at all.

While there’s no evidence that the lawmakers used information they obtained through their public service to inform their First Republic stock trades, such stock sales “can erode the public’s faith and confidence in Congress,” said Aaron Scherb, senior director of legislative affairs for Common Cause, a nonpartisan government watchdog organization.

“The perception of corruption can be just as damaging as actual corruption in many cases,” said Scherb, noting that a bipartisan coalition of lawmakers have introduced bills that would ban members of Congress and their immediate family members from trading individual stocks at all.

 

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