Representative Lois Frankel recently sold shares of First Republic Bank as well as purchased stock in JP Morgan, which on Monday took over First Republic following its collapse. …

According to an April 28, 2023, financial disclosure report, Frankel first sold shares of the bank on March 16 following SVB’s collapse. Just days later, on March 22, Frankel also purchased shares in JP Morgan Chase & Co, according to the report.

It remained unknown exactly how much stock was traded at each time, though the filing specified values between $1,001 and $15,000 for each trade. Both trades were sub-holdings of a Morgan Stanley IRA, according to the disclosure.

[Frankel claims her investments are “managed independently.” That is not the same thing as a blind trust, however. Congress will likely have to require the latter to get past the taint of insider trading. — Ed]