BREAKING: The RECOUP Act just passed the Senate Banking Committee
BREAKING: The RECOUP Act just passed the Senate Banking Committee. This bill would let the FDIC clawback compensation from executives at failed banks, including profits made by selling the bank’s stock. We caught several congressmen selling bank stocks before the recent crash:
Senator Thomas Carper sold his whole position in the SPDR S&P Bank ETF ( $KBE ) on March 1st. Carper sits on the Senate Committee on Finance.
Rep. Scott Franklin sold up to $100K in JP Morgan stock ( $JPM ) on February 15th. He also sold up to $50K of $PNC on the same day.
Rep. Mikie Sherrill sold up to $500K of $UBS on March 3rd.
Rep. Kevin Hern sold BlackRock stock ( $BLK ) on January 31st.
On the other side of the aisle, Rep. Josh Gottheimer also sold BlackRock stock in January.
Rep. Kevin Hern appears to have day traded JP Morgan on February 14th. He filed a purchase and a sale made on the same day.
Rep. Dan Sullivan also traded JP Morgan stock in February, making a sale made on February 13th.
