Rep. Lois Frankel, D-Fla., sold up to $15,000 worth of stock in First Republic Bank last month before purchasing stock in JPMorgan Chase & Co., which later took it over.
The transactions were revealed in financial disclosures that estimated the value of the stocks between $1,001 and $15,000. She initially had them in First Republic on March 16 and moved them to JPMorgan on March 22.
When Frankel sold her stock, it was worth $34.27 a share. By the time First Republic shuttered, it was worth just above $3.50 per share. JPMorgan shares have risen 10% since her purchase to $136.91 apiece.
Frankel's First Republic stock was a sub-holding of a Morgan Stanley individual retirement account managed by MFS Investment Management, according to the report.
Her JPMorgan stock is a sub-holding of another Morgan Stanley IRA overseen by Anchor Capital Advisors LLC.
"My account is managed independently by a money manager who buys and sells stocks at his discretion," Frankel told the Daily Caller.
It comes amid a renewal of concerns over congressional stock trading. Rep. Matt Gaetz, R-Fla., recently joined forces with Rep. Alexandria Ocasio-Cortez, D-N.Y., in pushing to bar all stock trading from Congress members.
"AOC is wrong a lot. She'd probably say the same thing about me," Gaetz told Fox News on Wednesday. "But she's not corrupt, and I will work with anyone and everyone to ensure that Congress is not so compromised.
"We should disallow congressional stock trading for the same reason we don't allow the referee to bet on the game," he added.
Under the 2012 STOCK Act, federal lawmakers are prohibited from knowingly trading, buying, or selling stocks based on material information obtained in their official capacity as members of Congress.
The law also requires Congress members to provide financial reports on their trades.
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