Sens. Richard Burr and Kelly Loeffler reportedly made dozens of stock trades shortly after private health briefings for Congress began in January.
At least two Republican senators sold hundreds of thousands if not millions of dollars in stock shortly after Congress began receiving regular briefings about the outbreak of coronavirus spreading around the globe, according to several reports and reviews of financial disclosures.
ProPublica first reported Thursday that Sen. Richard Burr (R-N.C.), the chairman of the powerful Senate Intelligence Committee, offloaded between $628,000 and $1.72 million worth of holdings in 33 transactions on Feb. 13, shortly after he publicly assured Americans the government was prepared to deal with the novel coronavirus that has since been declared a pandemic. A week after the sales, the stock market began to precipitously fall, erasing about 30% of its value.
Just hours later, the Daily Beast first reported that Sen. Kelly Loeffler (R-Ga.) began selling stocks jointly owned with her husband on Jan. 24, the day the Senate Health Committee held a private, all-chamber briefing from top American officials about COVID-19, the disease caused by the coronavirus. In a series of 29 transactions ending in mid-February, documented in Senate financial disclosures, Loeffler and her husband sold between $1,275,000 and $3,100,000 in stock.
The Georgia senator also made two purchases, including one in a company that owns teleworking software, the Beast noted. Loeffler’s husband is Jeffrey Sprecher, the chairman of the New York Stock Exchange. The pair are worth an estimated $500 million.
Two other senators made major stock sales around the same time: Dianne Feinstein (D-Calif.) and James Inhofe (R-Okla.). Feinstein’s office told The New York Times the lawmaker’s assets are held in a blind trust and she has “no involvement” in the sales.
Selling stock before a market crash can insulate stockholders from any potential losses. It’s against the law for lawmakers to use non-public information to influence financial decisions.
Burr’s office has pushed back against ProPublica’s repo