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A wealthy Georgia Senator is reportedly the second member of Congress to have dumped massive shares of stocks following a private, chamberwide meeting on the new coronavirus.
Sen. Kelly Loeffler (R-GA), whose husband is the chairman and CEO of the New York Stock Exchange, began selling off more than a million dollars in stocks on the same day as the closed-door Senate meeting on Friday, Jan. 24, reports The Daily Beast.
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Over the next three weeks, through Feb. 14, Loeffler made 27 sales worth between $1,275,000 and $3,100,000, before the market nosedived and her holdings’ values tanked.
She also purchased stocks on Feb. 14 from two work-from-home related companies Citrix, which specializes in teleworking software, and another tech frim, Oracle, according to the report.
“Appreciate today’s briefing from the President’s top health officials on the novel coronavirus outbreak,” she tweeted after the meeting.
Even after allegedly dumping her holdings, Loeffler bashed Democrats for playing up the threats of the virus.
“Democrats have dangerously and intentionally misled the American people on #Coronavirus readiness,” she tweeted in late February. “Here’s the truth: @realDonaldTrump & his administration are doing a great job working to keep Americans healthy & safe.”
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The freshman senator didn’t make any market moves before the meeting since taking office on Jan. 6, the Daily Beast reported.
Loeffler did not immediately respond to a request for comment.
Sen. Kelly Loeffler, R-Ga., takes her seat for the Senate Health, Education, Labor and Pensions Committee hearing on "An Emerging Disease Threat: How the U.S. Is Responding to COVID-19, the Novel Coronavirus" on Tuesday, March 3, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images)
She was the second member of Congress to reportedly dump large stock holdings following the briefing.
Senate Intelligence Committee Chairman Richard Burr (R-N.C.) and his wife, Brooke, sold between $628,000 and $1.7 million in publicly traded stocks on Feb. 13, a week before the market fell, the Center for Responsive Politics first reported.
“Senator Burr filed a financial disclosure form for personal transactions made several weeks before the US and financial markets showed signs of volatility due to the growing coronavirus outbreak,” a spokesperson for Burr told the nonprofit. “As the situation continues to evolve daily, he has been deeply concerned by the steep and sudden toll this pandemic is taking on our economy.”
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