John Curtis, the Republican Utah representative, sold a small position in First Republican Bank (FRC:US) stock on March 16th, 2023, as per his most recent filings.

Banks in the U.S. have had a tough time in March, with the bankruptcy of Silicon Valley Bank (SIVB:US) continuing to put pressure on the U.S. banking industry. Once the bankruptcy news came out, there was downward pressure on all banks, with the top four banks losing $52 billion in market value in a single day. It was a few days after this disaster that John Curtis decided to sell his holding in the First Republic Bank.

It is unlikely if the Republican representative made any profit on the sale of the stock. He sold at a price of $34.27, a price level that has not been seen in the last 10 years. In his defense though, he seems to have jumped ship at a relatively good time, with the stock already down a further 60% from those levels.

Janet Yellen, the U.S. Treasury Secretary, said there was no consideration of a blanket deposit insurance for the struggling banks. However, she did insist that the government was committed to finding ways to secure the depositors’ money even in the smaller banks.