Mr. Shri Thanedar, the U.S. representative from Michigan's 13th congressional district since 2023, disclosed last week that he was selling some stocks that are based in the financial sector.

The Congressman sold shares of Carlyle Group (CG:US) on January 23, when the stock closed at $34.59. Rep. Thanedar reported two $15,000 - $50,000 transactions, in addition to one smaller trade that reduced his exposure to the asset manager.

Shares of the Carlyle Group fell last week after the company reported its fundraising declined in the fourth quarter, therefore coming in below the average analyst estimate. Moreover, the earnings report showed that revenue fell for two consecutive quarters as the business continues to struggle after the former Chief Executive Officer Kewsong Lee left unexpectedly last August. 

Let me begin with some thoughts on fundraising. No doubt, the backdrop for raising new capital remains challenging, with headwinds more pronounced in certain areas than others,” said Co-Founder, Interim CEO, and Co-Chairman William Conway on the earnings call.

He added, “For Carlyle specifically, new investment and realization activity has also been slower and so, we expect a muted start to 2023 for both deployment and realizations.”

In addition to Carlyle, Rep. Thanedar also sold some shares of KKR &Co Inc (KKR:US), another major private equity firm. Moreover, the sale of Apollo Global Management (APO:US) shares were also reported, including the $100,000 - $250,000 sale on January 23.

Finally, Congressman Thanedar also cut his exposure to the payments card giant American Express (AXP:US) after shares rallied over 21% since the beginning of the year.