Insider trading in Congress on bank failures?

Rep. Nicole Malliotakis (R., N.Y.) bought stock in a regional bank before a subsidiary agreed to take over Signature Bank’s deposits following its closure. Days before she bought the stock, she said she met with financial regulators to discuss the bank’s closure.

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Rep. Earl Blumenauer (D., Ore.) reported three trades in bank stocks as he co-sponsored legislation seeking to strengthen restrictions on financial firms in the wake of the bank failures.

The trades could intensify the pressure on Congress to restrict stock trading by lawmakers.

[This certainly *looks* like insider trading. At the very least, it smells swampy. — Ed]

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