Park Slope's Congressman Sold Bank Shares Before $30M Bailout: Report

NEW YORK CITY — Park Slope's newly minted Rep. Dan Goldman sold off shares of a troubled bank one day before the institution received a $30 million bailout, according to a new report.

Goldman's sale of First Republic Bank stocks is one of several transactions that members of Congress undertook as they received briefings of a ballooning banking crisis in March, the New York Times first reported.

The crisis began with the collapse of Silicon Valley Bank and spread to several others, including New York City-based Signature Bank, before federal authorities stepped in with a bailout and other steps.

A spokesperson for Goldman told Patch that the congressman isn't involved in trading stocks in his portfolio, which is managed entirely by an investment adviser.

"As he promised to do, immediately upon being sworn in, the congressman initiated the process of entering into a blind trust," the spokesperson said in a statement. "This process is ongoing in coordination with the House Ethics Committee, and House Ethics has provided a timeline of up to one year for completion."

The Times report found at least eight congressional representatives, including Goldman, or their close relatives sold bank stocks in March amid the crisis.

Goldman in November won the race to represent New York's 10th Congressional District, which was redrawn to include all Manhattan blocks under 14th Street and the Brooklyn neighborhoods of Red Hook, Sunset Park, Borough Park, Brooklyn Heights, Boerum Hill and Park Slope.

His election followed his win in a crowded Democratic primary, which for a time included former Mayor Bill de Blasio. As a first-time candidate, he used his name recognition as lead counsel for the first impeachment of former President Donald Trump along with $4 million of his own money as heir to Levi Strauss & Co. to help pull ahead.

Read the full New York Times report here.