By Moira Warburton
WASHINGTON (Multibagger) - U.S. Representative Bill Pascrell has passed away at age 87, his family announced on social media on Wednesday.
Pascrell, a Democrat from northern New Jersey, was hospitalized multiple times this summer due to a respiratory illness.
"As our United States Representative, Bill fought until the end to return to his beloved job and the people he cared for," his family shared on Pascrell's congressional social media account. "He is now at peace after a lifetime of service to our nation."
Pascrell had been serving in the House since 1997 and was seeking reelection in the upcoming U.S. general election. If reelected, he would have been the oldest member of the House.
As a member of the House Ways and Means Committee, Pascrell was instrumental in the push to obtain former President Donald Trump's tax returns during his time in office.
Prior to his congressional career, Pascrell served as the mayor of Paterson, New Jersey, and held a position as a state legislator. He also worked as a teacher and professor before entering politics.
New Jersey Governor Phil Murphy expressed deep sadness over Pascrell's passing, describing him as "a unifier in every sense of the word."
Pascrell's district is traditionally a stronghold for Democrats. Following his death, county party leaders will select a nominee to replace him before the deadline on Aug. 29.
Analysis:
The passing of U.S. Representative Bill Pascrell at age 87 has significant implications, both politically and potentially in the financial markets. Pascrell's legacy as a long-serving member of the House of Representatives, his role in key committees such as Ways and Means, and his efforts to obtain President Trump's tax returns have left a mark on American politics.
With Pascrell's district being a stronghold for Democrats, the selection of a nominee to replace him could impact the balance of power in Congress. Investors and financial markets will be watching closely to see how this transition unfolds and what it means for future policy decisions.
Overall, Pascrell's death highlights the importance of political stability and the potential ripple effects it can have on various sectors, including finance. Stay tuned for updates as the situation develops.