The Democratic lawmaker sits on Congress’ joint economic committee and the House appropriations committee.
Rep. David Trone 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 nation’s banking sector, according to a newRep. David Trone sold up to $1 million in bank fixed income securities last month.Trone sold 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 concernsabout how large banks’ involvement in the run largely targeting regional banks could spread the contagion. The last time Trone—who sits on Congress’ joint economic committee and the House appropriations committee–disclosed a stock or bond sale or acquisition was March 19, 2020, when he sold between $100,001 and $250,000 in bonds from Morgan Stanley and between $50,001 and $100,000 in the bank’s stock.
It’s unknown what Trone’s 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. It’s possible the newly disclosed sales were simply of notes that were held until maturity and offloaded at their predetermined expiration dates, or that Trone acted on a hunch the subpar macroeconomic condition would cause his holdings to further lose value and sold bonds before expiration .
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