David McCormick, senator from whatever party he belongs to (the disclosure form didn't feel like getting into it), has sold between $100,001 and $250,000 worth of Northampton County, Pennsylvania general purpose revenue bonds — 5% coupon, maturing November 2034 — and we know this because he told us about it exactly 31 days after it happened.
Thirty-one days. The STOCK Act gives members of Congress 45 days to disclose trades, which means McCormick is actually ahead of schedule, and we are legally required to acknowledge this as a win for transparency.
The bond itself is a perfectly sensible, boring instrument. Five percent. General purpose revenue. Northampton County. This is the financial equivalent of beige. Nobody panic-bought Northampton County munis on insider knowledge. Nobody is out here with edge on Pennsylvania county administrative financing. We are choosing to believe this.
What we cannot tell you is why he sold it, what he bought instead, or whether "general purpose" covers whatever it is Northampton County is generally purposing these days. The disclosure range of $100,001 to $250,000 exists because knowing the exact number would apparently compromise something, and we respect that the system has decided this is fine.
The chart, for what it's worth, has no opinion on Pennsylvania municipal bonds. Neither does Phil. We're both just watching.
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