While Kelly Loeffler Opposed New COVID Aid, Her Husband’s Firm Sought to Profit Off the Pandemic—MORE HERE

Atlanta, GA – Senator Loeffler is once again lying  about her response to COVID19: she downplayed the threat of the coronavirus while at the same time profiting off of it by dumping $3 million in stock before the value tanked as the virus swept across Georgia and the country. Worse, she has blocked relief for months even as the pandemic continues to surge in Georgia and hurt the economy. 

The facts about Loeffler’s actions: 

Loeffler profited off the pandemic from almost the beginning of the crisis.

• “Loeffler, a GOP Georgia senator, benefited from stock transactions she made beginning on the same day she received a private briefing for senators early in the COVID-19 outbreak. Some stock purchases were in companies poised to see increased business because of the virus.” [Politifact] 
• “Loeffler assumed office on Jan. 6 after having been appointed to the seat vacated by retiring Sen. Johnny Isakson. Between then and Jan. 23, she did not report a single stock transaction from accounts owned by her individually or by her and her husband jointly. Between Jan. 24 and Feb. 14, by contrast, Loeffler reported selling stock jointly owned with her husband worth between $1,275,000 and $3,100,000, according to transaction reports filed with Senate ethics officials.” [Daily Beast, 3/20/20]

Loeffler made trades directly tied to industries that have been impacted by the coronavirus pandemic. 

• Teleworking equipment: “Loeffler also bought stock in two companies, including Citrix, which produces teleworking software…Loeffler and her husband bought stock in Citrix on Feb. 14 and sold it on April 7, creating a gain of $33,285.” [Politifact] 
• PPE: “Between Feb. 28 and March 10, Loeffler’s husband purchased $206,774 worth of stock in DuPont de Nemours, which produces protective suits used by health care workers.” [Politifact] 
• Travel: “Senator Kelly Loeffler sold a total of $46,027 worth of stock in an online travel company in the day leading up to President Donald Trump’s announcement of a ban on most European travel to the U.S…the sales represented an about-face. Loeffler, a Georgia Republican, had just days earlier purchased the shares, in Booking Holdings, jointly with her husband, Jeffrey Sprecher, the chief executive officer of Intercontinental Exchange, parent firm of the New York Stock Exchange.” [Bloomberg]
• Gas: “On Feb. 14, Loeffler sold between $250,001 and $500,000 worth of stock in Exxon Mobil from an account owned jointly with her husband, avoiding losses that would occur as the outbreak took hold. The stock then was trading at around $60 per share; by the end of March, it had tumbled to about $31.” [Politifact] 

Then, in the following days and months, Loeffler frequently downplayed the dangers of COVID-19 to Georgians: 

• “Democrats have dangerously and intentionally misled the American people on #Coronavirus readiness. Here’s the truth:  @realDonaldTrump & his administration are doing a great job working to keep Americans healthy & safe.” [Twitter, @KLoeffler, 2/28/20]
• “Concerned about #coronavirus? Remember this: The consumer is strong, the economy is strong, & jobs are growing, which puts us in the best economic position to tackle #COVID19 & keep Americans safe. Update following meeting with @realdonaldtrump, @VP, & @StevenMnuchin1:” [Twitter, @SenatorLoeffler, 3/10/20]

In fact, new reporting reveals that even as Loeffler has opposed urgently needed coronavirus relief, her family was profiting from the pandemic’s crushing impacts on families’ housing needs: 

• “Yet while Loeffler has taken no steps in recent months to address these pressing matters, the Fortune 500 company run by her husband—in which she holds between $5 million and $25 million in stock—has sought to profit off the pandemic’s impact on the housing market and the mortgage industry.” [Mother Jones, 12/1/20] 

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