U.S. Representative Sara Jacobs (D-San Diego) is facing criticism after it was revealed that she had millions of dollars invested in pharmaceutical companies, big banks, and private equity funds, despite her campaign promises to fight against economic inequities for consumers.
U.S. Rep. Sara Jacobs (D-San Diego) has millions of dollars personally invested in pharmaceutical companies, banks, and big private equity funds, despite vowing during her campaign trail in 2020 to crack down on “inequity” for consumers.
During her campaign, Jacobs outlined her campaign priorities, stating that the current economic system is unjust, granting access to opportunities to a select few while leaving the rest behind.
“We have an unfair economic system that gives access to opportunity to some while leaving so many others behind,” Jacobs’ campaign read. “I want to empower workers and grow wages and benefits.”
Despite these statements from Jacobs, it appears she is certainly benefiting from inequality, living a lavish lifestyle while investing in companies that take advantage of people she claims to protect.
According to an eight-page financial disclosure report, Jacobs’ estimated net worth is between $14 million and $65 million.
The majority of the funds are invested in the family business, including real estate and private-equity firms that hold significant positions in financial services. But Jacobs’ campaign team countered this saying that the candidate actively directs her personal wealth towards socially responsible investments that prioritize the greater good.
The financial disclosure revealed that Jacobs holds significant investments in major lending institutions, including Bank of America and JPMorgan Chase, with up to $10 million in Bank of America accounts and up to $50,000 in JPMorgan Chase stock.
Both banks have been the subject of multiple federal investigations in the past, and in 2012, they agreed to pay a $25 billion settlement with the U.S. Department of Justice for their roles in the 2008 recession.
Jacobs also has substantial investments in international drugmakers such as Merck & Co. and Gilead Sciences, with holdings between $50,001 and $100,000 in shares of Merck & Co. and between $15,001 and $50,000 in Gilead Sciences holdings. These companies have faced accusations of inflating prescription medication costs, which can force patients to choose between paying for essential medication and other necessities such as food or housing.