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Renewed Effort to Ban Stock Trading by Congress Members Gains Bipartisan Support

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the staff of the Ridgewood blog

Washington DC, on Wednesday, a bipartisan group of senators reignited efforts to ban members of Congress from trading stocks. “Congress should not be here to make a buck,” said Sen. Josh Hawley, R-Mo., at a Capitol Hill press conference. “There is no reason why members of Congress ought to be profiting off of the information that only they get.”

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UPDATE: Banking Kerfuffle: First Republic Shares Dropped Sharply Friday Rattling the Market

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the staff of the Ridgewood blog

Ridgewood NJ, shares of First Republic dropped sharply Friday as hopes dimmed for a rescue deal that could keep the bank afloat. First Republic Bank shares fell a whopping 43% in regular trading. Then, as a news report foretold a potential future in receivership for the ailing California lender, its shares collapsed again. US officials have been coordinating talks to rescue First Republic, with the Federal Deposit Insurance Corp., the Treasury Department and Federal Reserve said to be orchestrating meetings about throwing it a lifeline. But some of the biggest US banks, which have already contributed $30 billion in deposits to prop up First Republic, have balked at the prospect of throwing good money after bad.

Continue reading UPDATE: Banking Kerfuffle: First Republic Shares Dropped Sharply Friday Rattling the Market