Reverend Warnock: Report Raises New Questions On Loeffler’s “Pattern of Self-Dealing” - Warnock for Georgia

Reverend Warnock: Report Raises New Questions On Loeffler’s “Pattern of Self-Dealing”

NEW From Huffington Post: “Sen. Kelly Loeffler’s Husband Bought Stock In Sectors Set To Benefit From Then-Secret Bill”

Atlanta, GA – Senior Pastor at Ebenezer Baptist Church and U.S. Senate candidate Reverend Raphael Warnock issued the below statement following a new investigative report that unelected Senator Kelly Loeffler’s husband bought “shares in corporations that would reap millions” from the CARES Act, even as the “terms of the CARES Act were mostly a secret, known primarily to Republican senators while members of their party crafted the legislation.”

“This new report raises very serious questions about what information Senator Loeffler had access to and when, and shows a potential pattern of self-dealing and corruption, that started when she attended a private Senators-only briefing in January and then immediately began selling $3 million in stock – all while downplaying the threat of COVID-19. Georgians deserve a Senator who will look out for them in Washington instead of their own interests, and Senator Loeffler owes the people of our state an explanation for these transactions.” 

The new report from Huffington Post shows that “in the days before the bill’s introduction, Sprecher managed to invest in several industries — insurance and energy — that were poised to take advantage of the bill’s very specific provisions.” 

Huffington Post writes, “Those purchases are just the latest to raise questions about whether Loeffler, the Senate’s richest member, has ever used the insider knowledge she gleans on Capitol Hill to inform her own portfolio,” referring to Loeffler’s “large sell-off of personal stock holdings after she received a private Senate briefing about the coronavirus pandemic on Jan. 24.” 

Read more from Huffington Post here and below. 

Huffington Post: Sen. Kelly Loeffler’s Husband Bought Stock In Sectors Set To Benefit From Then-Secret Bill

By Molly Redden – December 8, 2020 

  • In mid-March, with the American economy in free fall, Jeffrey Sprecher, husband to Sen. Kelly Loeffler (R-Ga.) and chair of the company that owns the New York Stock Exchange, made an unusual change to his stock portfolio: He started buying. 
  • For weeks, the couple had done almost nothing but sell. Loeffler was one of several senators who faced public outrage for unloading millions of dollars in stock before most Americans understood the towering threat posed by the coronavirus pandemic. Then shortly before the CARES Act, a $2 trillion emergency stimulus package, was introduced in the Senate, her husband reversed course and purchased up to $1 million in new shares, a HuffPost investigation has found.
  • The terms of the CARES Act were still mostly a secret, known primarily to Republican senators while members of their party crafted the legislation. But in the days before the bill’s introduction, Sprecher managed to invest in several industries — insurance and energy — that were poised to take advantage of the bill’s very specific provisions. 
  • Those purchases are just the latest to raise questions about whether Loeffler, the Senate’s richest member, has ever used the insider knowledge she gleans on Capitol Hill to inform her own portfolio. Loeffler is locked in an intense runoff election in Georgia that will help decide which party controls the U.S. Senate when President-elect Joe Biden is sworn into office, and her challenger, Democrat Raphael Warnock, has made accusations that she uses her seat for personal enrichment a constant theme of his attacks. 
  • Trading on nonpublic congressional information is illegal — and the very idea is so corrosive that many lawmakers forgo trading in individual stocks altogether.
  • “The appearance of conflict is terrible for maintaining the public’s trust in government,” said Kedric Payne, general counsel to the Campaign Legal Center, a nonpartisan government watchdog. “There’s a reason all our ethics rules focus on the appearance of there being conflict of interest: because perception is reality. It’s really difficult to maintain credibility when your constituents don’t know if you’re focused on their interests or your own financial interests.”
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