Sen. Kelly Loeffler (R-GA) is liquidating the rest of her stock portfolio after she was suspected of profiting off of the coronavirus pandemic.
Loeffler announced that she and her husband, Intercontinental Exchange CEO Jeff Sprecher, would sell the rest of their stock in a Wall Street Journal op-ed published Wednesday. She denied all charges that she had purposely sold stock before the pandemic plunged the market into chaos.
Loeffler was one of four senators accused of profiteering on the pandemic by selling off stock after health officials briefed senators about the growing threat of the coronavirus on Jan. 24. Other senators who reportedly offloaded portions of their portfolios are ranking Senate Judiciary Committee member Dianne Feinstein (D-CA), Senate Intelligence Chair Richard Burr (R-NC), and Sen. James Inhoffe (R-OK).
“While the American people are enduring the impact of Covid-19, I have become a top target of baseless attacks from political adversaries and the media. The truth, as I said when the accusations first surfaced, is that I have never used any confidential information I received while performing my Senate duties as a means of making a private profit. Nor has anyone in my family,” Loeffler wrote.
The Georgia senator said that her financial managers had completed the trades without her knowledge. On March 20, after the revelations were first reported, Loeffler released documents showing that she was informed of the managers’ trades on Feb. 16, weeks after the briefing but before the stock market began sliding.
By the way, here’s the proof:https://t.co/jGUYbh8Oc6 https://t.co/kEm16ERdVM pic.twitter.com/aU575QGsKm
— Senator Kelly Loeffler (@SenatorLoeffler) March 20, 2020
“Professionals buy and sell stocks on our behalf,” Loeffler said. “We don’t direct trading in these accounts. These trades are disclosed routinely and publicly in reports to the Senate Select Committee on Ethics, in full compliance with transparency laws.”
Loeffler slammed the attacks against her as “well beyond what should be considered acceptable” in politics.
“I’m not doing this because I have to. I’ve done everything the right way and in compliance with Securities and Exchange Commission regulations, Senate ethics rules and U.S. law. I’m doing it because the issue isn’t worth the distraction,” Loeffler said. “My family’s investment accounts are being used as weapons for an assault on my character at a time when we should all be focused on making our country safe and strong.”
Georgia Gov. Brian Kemp appointed Loeffler to the Senate following the resignation of former Sen. Johnny Isakson until a special election can be held. Loeffler is facing a tough challenge in Rep. Doug Collins (R-GA), who released internal polling earlier this week showing him leading Loeffler 36% to 13%.
Collins has been one of Loeffler’s loudest critics since her stock transactions were uncovered. The Georgia representative said he was “sickened” after the news broke on March 20.
“People are losing their jobs, their businesses, their retirements, and even their lives and Kelly Loeffler is profiting off their pain? I’m sickened just thinking about it,” Collins said.
People are losing their jobs, their businesses, their retirements, and even their lives and Kelly Loeffler is profiting off their pain? I'm sickened just thinking about it.
— Doug Collins (@CollinsforGA) March 20, 2020
“Throughout this crisis I’ve been working hard to contribute legislative provisions that support essential medical devices, rural health care, telehealth, small businesses and Main Street employers. I will continue to focus on serving our country and the people of Georgia,” Loeffler wrote.