Georgia Senator Loeffler Gets Renewed Review of Stock Movements

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WASHINGTON (AP) – The husband of the senator from Georgia, Kelly Loeffler, recently acquired up to $ 415,000 in stock from DuPont de Nemours, a chemical company that manufactures protective equipment in high demand due to the coronavirus pandemic.

The transaction, detailed in a mandatory disclosure that the Republican filed Tuesday evening, comes as Senators from both parties were faced with questions about the stock trades they made in the weeks leading up to the Coronavirus upset the US economy. , wiping out jobs and personal wealth.

Chairman of the Senate Intelligence Committee, Richard Burr, RN.C., whose stock sales of $ 1.7 million were the most examined, asked for an ethical review of his actions in the days leading up to the fall of the markets in February. The FBI also contacted him about the sale. He denied having exchanged inside information.

Like Burr, Loeffler came under fire last month after she and her husband dropped substantial portions of their wallets. The transactions came after a series of private congressional briefings on the burgeoning pandemic.

The new purchases disclosed by Loeffler include the purchase of DuPont shares, a company that may see profits soar from the sale of protective equipment as hospitals seek desperately needed supplies. Loeffler says she had no involvement in the trades.

“Its equity portfolio is independently managed by third-party advisers,” said spokeswoman Kerry Rom. “Sen. Loeffler continues to operate with integrity and transparency – in accordance with the spirit and the letter of the law. “

Their latest financial measures should give more ammunition to critics of the newly appointed senator, who is on the ballot this year. Her main main Republican rival, Representative Doug Collins, previously accused her of “profiting” while “people are losing their jobs, their businesses, their retirement.”

The mandatory disclosures that senators must make do not specify the precise amounts of sales or purchases of shares. Instead, they give a dollar range of the value of each transaction.

Tuesday’s file shows that Loeffler’s husband bought between $ 166,000 and $ 415,000 in DuPont, spread over four transactions in late February-early March. The company’s website states that “Thousands of DuPont employees are working around the clock in all regions of the world to increase the capacity of protective clothing during this period of high demand.”

The purchase is only part of their recent financial activity. They also bought up to $ 250,000 from Chevron, $ 50,000 from Amazon and $ 350,000 from CME Group, according to the new disclosure.

At the same time, they sold between about $ 100,000 and $ 250,000 in DocuSign stock, sold up to $ 150,000 in Facebook stock, and unloaded assets from retail stores like Ross, TJ Maxx and Lululemon.

Loeffler’s husband Jeffrey Sprecher is president of the New York Stock Exchange. A separate disclosure made on Tuesday reveals that it recently sold between about $ 6 million and $ 30 million worth of shares in its parent company, Intercontinental Exchange. Loeffler, who also worked for the Intercontinental Exchange, sold between $ 5 million and $ 25 million worth of company shares while exercising an option that gave him up to $ 25 million more. Stock options are one of the main ways in which the couple pays the business.

The couple’s new investment in DuPont has drawn the attention of government watchdogs, particularly because they also recently invested in a tech company that offers telework software that could also benefit from the pandemic.

“I think it merits further consideration, because when she made the first round of sales after obtaining non-public information, she also bought a share in a telework company,” said spokesperson Jordan Libowitz from the Citizens for Responsibility and Ethics group. in Washington, which filed an ethical complaint in the Senate against Loeffler and Burr last month.

“It would follow this pattern, which is why it raises an eyebrow, and it’s one of those things that even if it doesn’t go down to breaking the law or the rules, it looks bad. “

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