In an exclusive interview with The Floridian, Dan Franzese, the Republican challenger for Representative Lois Frankel's (D-FL) Congressional District 22 seat, called out the incumbent lawmaker over allegations of insider trading, calling it "a total betrayal of the public trust."
Rep. Frankel held shares in First Republic Bank, which collapsed and was acquired by JPMorgan in 2023. She allegedly sold her shares for $ 1,001 to $15,000 on March 16th. Six days later, on March 22nd, she allegedly bought $1,001 to $15,000 worth of JPMorgan stock.
While she signed the financial disclosure paperwork required by the STOCK Act, the timing of her purchases appears suspicious and may violate the STOCK Act's provisions against insider trading by members of Congress. It's made more glaring by Rep. Frankel's seat on the House Appropriations Committee, which oversaw the purchase of First Republic by JPMorgan.
"The Floridian's report is a road map of how the 'ruling class' operates in Washington," Franzese commented. "While Lois Frankel is apparently moving money around based on what she learns from committees she sits on, the people in FL-22 are working hard to provide for their families. It's a total betrayal of the public trust."
Franzese described how her actions, had she been operating in the private sector, constitute "a massive conflict of interest."
"In the world of career politicians like Lois Frankel, they call it a Tuesday," he continued.
Franzese emphasized his business background, "where transparency isn't a suggestion. It's the law. And I've always said honest business is good business. And honest government is good government." "I'm running for Congress to represent the taxpayers, not to treat a brokerage account like a job perk fueled by taxpayer-funded information," he highlighted.
He vows to liquidate his current holdings before taking office, further chiding Frankel for not placing her assets in a blind trust.
"I'm not just talking about reform; I'm leading by example. I am officially pledging that before I am sworn into the 120th Congress, I will sell every single individual stock I own. Voters will never have to wonder whose interests I'm looking out for when I cast a vote," Franzese concluded.
