Rep. David Trone (D-Md.) sold between $450,007 and $1 million in bonds from major U.S. banks last month, shortly before the second- and third-largest bank failures in U.S. history stirred up turmoil in the nationās banking sector, according to a newĀ filing.
Trone sold the fixed income securities from Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo on February 16.
That was roughly three weeks before confidence in the banking industry crashed as Silicon Valley Bank and Signature Bank failed and concernsĀ mountedĀ about how large banksā involvement in the run largely targeting regional banks could spread the contagion.
Troneāwho sits on Congressā joint economic committee and the House appropriations committeeāhas no added āinsight into the financial marketsā from his committee membership and the transactions were āunaffected by the stock marketās behaviorā and the bank collapses, Troneās spokeswoman Sasha Galbreath said in an emailed statement toĀ Forbes.
A āvast majorityā of Troneās holdings are āvariable-rate notes, bonds, and other vehicles with fixed maturity dates, or ETFs and mutual fund-like securities,ā Galbreath noted,Ā adding that fund managers execute all transactions in his name.
Itās unknown what Troneās return on investment was on the February bond sales or how much the securities would be worth now, but high inflation and interest rates have weighed heavily on the bond market.
You can read more of this Forbes article here.