David McCormick, U.S. Senator from the great Commonwealth of Pennsylvania, has disclosed a purchase of somewhere between half a million and one million dollars in Philadelphia Airport Revenue Bonds. They mature in 2055. He will be, conservatively, quite old. The bond pays 5%. This is the disclosure. This is all we know.
The STOCK Act, bless its heart, requires members of Congress to report trades within 45 days. McCormick filed on May 28th for a trade that occurred May 8th. Twenty days. Gold star. Certificate of participation. A framed photo of a gavel.
Now, Philadelphia Airport Revenue Bonds are not exactly the kind of instrument that keeps compliance departments up at night. They are, by design, boring. They are the financial equivalent of airport carpet. And yet here we are, a senator, a million-dollar range, a maturity date that assumes functioning airports in 2055, which is frankly the most optimistic thing we've seen in print all year.
Is this newsworthy? The threshold says yes. The chart says nothing, because municipal bonds don't have charts worth looking at. Is it suspicious? We have no idea. Is it the kind of thing that makes you stare at the ceiling at 2am? Probably not.
But someone bought a lot of airport bonds. We reported it. That's the deal.
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