When you look at what Rep Lois Frankel (D-FL22) did recently, it appears to be true. She sold stock in First Republic Bank before it collapsed in March and bought stock in JP Morgan Chase, the bank that bought it. Is that “insider trading?” And how did she know which bank would buy the failed one? She blamed her financial advisor was solely involved in handling her stock trading.

In truth, she was following a congressional tradition. A 2022 NY Times investigative report identified 78 members of Congress or their family members who bought or sold financial assets over three years in companies that may be affected by their legislative committee work.

Ms. Frankel is on the House Appropriations Committee and, as such, was privy to financial information before it was made public. That’s insider trading, and yes, it is illegal. But it seems that Congress has appointed themselves above the law.