Last updated on May 23, 2020
New York Stock Exchange (NYSE) CEO Jeff Sprecher made a $1 million donation to a super PAC supporting Trump’s reelection, just as his wife, Sen. Kelly Loeffler, R-Ga., was facing serious insider trading allegations. Federal Election Commission records reveal that Sprecher gave his largest political contribution ever to America First Action on April 29, just a few weeks after he and Loeffler liquidated their individual shares amidst uproar over insider trading allegations.
On January 24, Loeffler and other members of the Senate Health Committee received a briefing on the coronavirus pandemic from administration officials, the CDC director, and Dr. Anthony Fauci. According to Sen. Loeffler’s disclosure forms, later that day, she and her husband sold stock they jointly owned. Loeffler and Sprecher made 28 more stock transactions up to mid-February, only two of them purchases. One of the stocks bought by the senator and her husband was Citrix, a teleworking company that has seen its stock rise amidst the pandemic.
It is highly illegal for members of Congress to trade stocks on non-public information gleaned through their classified briefings, and the outline of what is known about Loeffler’s market activity seems to run afoul of federal laws.
Last week, Loeffler’s office said she turned over documents to the Justice Department, the Securities and Exchange Commission and the Senate Ethics Committee regarding the trading. “The documents and information demonstrated her and her husband’s lack of involvement in their managed accounts, as well the details of those accounts,” a statement from her office said last weekend.
Loeffler is facing a tough intraparty challenge for her seat from Rep. Doug Collins (R-Ga.). Loeffler, Collins and a handful of Democratic candidates will face off in November in a special election, with the top two candidates advancing to a runoff if no candidate breaks 50 percent.
The National Republican Senatorial Committee has stuck with Loeffler despite the inquiry.
“Kelly Loeffler is a strong conservative voice for the people of Georgia,” NRSC Chair Todd Young (R-Ind.) said in an interview with POLITICO in early April. “She’s effectively representing them and she will continue to be an effective United States senator for the people of Georgia after November.”
Collins was Trump’s initial preference for the Senate seat left vacant when Sen. Johnny Isakson retired. But Georgia Gov. Brian Kemp bucked Trump and appointed Loeffler, who was sworn in as an interim senator in early January.
FYI, Loeffler’s top opponent, Rev. Raphael Warnock (D. GA), picked up a big endorsement yesterday:
The Rev. Raphael Warnock picked up the endorsement Wednesday from one of the nation’s most prominent abortion rights groups, part of an effort to consolidate Democratic support in his bid to oust Republican U.S. Sen. Kelly Loeffler.
Planned Parenthood Action Fund said it backs Warnock, the pastor of Atlanta’s Ebenezer Baptist Church, in the 21-candidate November special election to fill out the remaining two years on retired U.S. Sen. Johnny Isakson’s term.
Staci Fox, the head of Planned Parenthood’s Atlanta-based chapter, called Warnock a “dedicated champion” who will fight new abortion restrictions in the U.S. Senate.
“The people of Georgia are done seeing the Trump administration and the current senators try to use every trick in the book to chip away at health care access and safety net programs, and are ready for a bold leader who will fight back against these harmful policies,” she said.
Let’s get rid of Loeffler and take back the Senate. Click here to donate and get involved with Rev. Warnock’s campaign.
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