A Republican senator at the center of stock sell-off controversy announced her intent to liquidate all individual positions that she and her husband hold to end the “distraction” of insider trading accusations.
Georgia Sen. Kelly Loeffler, who is the richest person in Congress, wrote an opinion piece in the Wall Street Journal on Wednesday, which promised, in part, that her family will divest from all stocks while she is a senator.
The senator said the liquidation of her assets will be finalized by the end of the week.
Loeffler, who was appointed to the open Senate seat vacated by former Sen. Johnny Isakson, has been criticized for her decision to sell millions of dollars in stocks and options after attending a private Senate briefing on the coronavirus in January before the stock market tanked. Criticism has also been leveled at Loeffler’s husband, Jeff Sprecher, who is the CEO of Intercontinental Exchange, which owns the New York Stock Exchange.
Rep. Doug Collins, who is challenging Loeffler for the Georgia Senate seat, said he was “sickened” by her decision to offload stocks after gaining information that people were yet to learn about the coronavirus. “People are losing their jobs, their businesses, their retirements, and even their lives and Kelly Loeffler is profiting off their pain?” Collins tweeted on March 23. “I’m sickened just thinking about it.”
Loeffler insisted accusations of insider trading from “political adversaries and the media” are without merit, noting that her family’s investments are managed by third-part advisers who buy and sell stocks on their behalf without direction.
“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,” she said.
