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You are here News Congress Members of U.S. House Financial Services Committee snapped up or dumped bank stocks as bottom fell out of market

Members of U.S. House Financial Services Committee snapped up or dumped bank stocks as bottom fell out of market

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As financial markets tumbled and the government worked to stave off panic by pumping billions of dollars into banks last fall, several members of Congress who oversee the banking industry were grabbing up or dumping bank stocks.

Financial disclosure records show that some of these Financial Services Committee members, including Ohio Rep. Charlie Wilson, made bank stock trades on the same day the banks were getting a government bailout from a program Congress approved. The transactions may not have been illegal or against congressional rules, but securities attorneys and congressional watchdog groups say they raise flags about the appearance of conflicts of interest.

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