Sen. Loeffler Says She’s Liquidating Stock Portfolio After Outrage Over Sales Amid Coronavirus Panic
Sen. Kelly Loeffler (R-GA) announced that she will liquidate her individual stock share positions amid criticism for the sales she made throughout the coronavirus pandemic.
Loeffler – who is married to Jeffrey Sprecher, chairman of the New York Stock Exchange and CEO of the business services company Intercontinental Exchange – faced weeks of scrutiny after multiple reports outlined how she traded and sold off her investments before the public health crisis sent the economy into a nosedive. The senator has insisted that she wasn’t involved in the decisions made by her portfolio managers, but she continues to draw questions about why she touted the economy as solid after attending a private briefing about Covid-19 months ago.
In a Wednesday statement first published by the Wall Street Journal, Loeffler once again insisted 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.”
However, Loeffler went on to announce that she and Sprecher will have their stock holdings converted to mutual funds and exchange-traded funds that will be handled by third-party advisers.
From the statement:
“Amid this health crisis, the temptation to circulate lies and misinformation is too great for the media and my political opponents. That is why I’m taking steps to remove this temptation so that we can turn our focus back to where it belongs: on combating COVID-19 and restoring our country to health and economic recovery…Let me be clear: I do not have to do this. I’ve done everything at or above the requirements for complying with the STOCK Act, SEC regulations, Senate Ethics rules, and US law, and of course, will continue to do so. I’m doing this because this transparency is being abused for political gain, and the steps I’ve taken to distance myself from these accounts are being ignored.”
— Alayna Treene (@alaynatreene) April 8, 2020
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