David McCormick, United States Senator and man who presumably owns a very nice pen for signing things, has sold between $100,001 and $250,000 worth of Springfield Township School District general obligation bonds — a 5% municipal yielding instrument maturing in November 2030 — and the federal government would like you to know about it approximately 31 days after it happened. The STOCK Act is working great.
The trade itself is, by the standards of congressional disclosure theater, almost aggressively boring. Municipal school bonds. Five percent coupon. Pennsylvania. This is the financial equivalent of a sensible sedan. Nobody is getting rich dumping Springfield Township paper. Nobody is getting a tip from a defense contractor about Springfield Township. The school district is presumably fine.
And yet here we are, dutifully noting that a sitting U.S. Senator liquidated a mid-six-figure chunk of local government debt with a four-year runway to maturity, told nobody for a month, and satisfied every legal requirement in the process.
The chart, as always, does not care. Springfield Township's children will continue learning. The bond market will continue bond marketting. Phil will continue reading disclosures that explain less the more you read them.
Disclosure lag: 31 days. Transparency achieved: debatable. Coffee consumed writing this: two.
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