According to House Financial Disclosure documents, Representative Lois Frankel (D-FL) may have engaged in insider trading back in March 2023.
In 2023, First Republic Bank collapsed and was purchased by JPMorgan. Rep. Frankel allegedly held stock in First Republic, allegedly selling her shares for $1001 to $15,000 on March 16th. Six days later, on March 22nd, she allegedly bought $ 1,001 to $15,000 in JPMorgan stocks.
While Rep. Frankel signed the financial disclosure paperwork required by the 2012 STOCK Act, the timing of her purchases appears suspicious and may violate the STOCK Act's provisions against insider trading by members of Congress.
Where things get fishy is that Frankel sits on the House Appropriations Committee, which manages the funding and budgeting of the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Department of the Treasury, all of which were involved in overseeing JPMorgan's purchase of First Republic.
Dan Franzese, Frankel's former Republican congressional challenger at the time and is running against her in the 2026 midterm election cycle, previously said, "Lois Frankel's well-timed sale of First Republic shares before it took a nose-dive as regulators moved in, and her well-timed buy of JPMorgan shares before it benefited from its government-arranged purchase of First Republic, is highly suspicious and warrants a full Congressional investigation."
Birds of a feather flock together?
In November, Frankel's fellow House Democrat, Representative Sheila Cherfilus-McCormick (D-FL), was indicted for allegedly stealing $5 million in Federal Emergency Management Agency (FEMA) funds and making illegal campaign contributions.
The Department of Justice (DOJ) alleged that in July 2021, Trinity Healthcare Services, Rep. Cherfilus-McCormick's family company, received an overpayment of $5 million in FEMA funds.
Rep. Cherfilus-McCormick and her brother, Edwin, are accused of distributing the money to multiple bank accounts, including those of family members and other straw donors, who then funneled it back into her 2021 campaign fund.
Cherfilus-McCormick denied the charges, with her legal team saying that she "is a committed public servant, who is dedicated to her constituents," and vowing to "fight to clear her good name."
