Florida Rep. Jared Moskowitz (D) has been accused this week over stock selling during the banking crisis last month. Reports indicate that an investment account that belongs to Moskowitz’s children sold shares of Seacoast Banking Corp. that were worth $65,000 to $150,000.
This is alleged to have taken place on March 10th, and two days later, while the government responded to the growing crisis, Rep. Moskowitz appeared on television to inform that he had attended a bipartisan congressional briefing on the crisis.
On March 13th, Seacoast Banking shares fell nearly 20%.
Moskowitz's team responded to the allegation with a spokesperson arguing that the sale had been suggested by Moskowitz’s financial advisor in order to diversify his children’s holdings. However, political pundits question the validity of the argument as Moskowitz had mentioned attending the briefing on the banking crisis before his television interview and after the shares were sold.
An analysis by Capitol Trades found that at least eight members of Congress or their close relatives sold shares of bank stocks in March, which brings to the forefront questions of ethics related to their jobs.
Ohio Rep. Sherrod Brown (D), who’s introduced a bill that would eliminate the practice of stock trading by members of Congress, commented on the concern.
“As the Silicon Valley Bank was closed, even during that period, there were reports that members of Congress were trading Bank stocks,” he said, adding that as “members of Congress, we have more inside information. Members of Congress are able, because of our jobs, to know more about the economy.”
The issue is a bipartisan concern as New York Rep. Dan Goldman (D) sold shares of First Republic Bank on March 15th, the wife and children of California Rep. Ro Khanna (D) sold First Republic shares the same day, and Utah Rep. John Curtis (R) sold First Republic shares from a joint account with his wife on March 16th.