New Documents Show GOP Senator Dumped $19M In Stocks
Sen. Kelly Loeffler (R-GA) recently came under fire alongside several other lawmakers for stock transactions suggesting she used confidential information from a private coronavirus briefing in late January to inform her buying and selling decisions.
But according to The Atlanta Journal-Constitution, information provided by Loeffler’s campaign reveals that her most politically problematic transactions occurred more recently. She reportedly sold $18.7 million worth of stocks on February 26 and March 11.
The sale involved Intercontinental Exchange stock, the report states, and “Loeffler is a former executive with ICE, and her husband, Jeff Sprecher, is the CEO of the company, which owns the New York Stock Exchange among other financial marketplaces.”
The pair also sold shares in retail stores LuLuMon and T.J. Maxx during the same period, while investing in chemical giant DuPont de Nemours, which manufactures COVID-19 protective garments.
“The newer stock sales came as the broader markets were diving, and they are likely to fuel allegations that Georgia’s new senator used her insider knowledge about the severity of the pandemic to dump holdings while simultaneously releasing statements about the strength of the American economy and complimenting President Donald Trump on his response,” AJC reported.
But Loeffler, like other lawmakers caught up in similar scrutiny, has insisted there was nothing unlawful about her transactions.
“Sen. Loeffler came to Washington on a promise to be a different kind of elected official,” Loeffler spokesperson Kerry Rom told AJC. “She holds herself to high standards of ethics and transparency, including acting in accordance with both the letter and spirit of the law, which she has done at every step of her time in the Senate and in her lengthy career in financial services.”
The Georgia Republican’s campaign said neither Loeffler nor her husband has control over the day-to-day decisions regarding their portfolios.