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To: Senate Ethics Committee, Department of Justice, & Securities and Exchange Commission
Investigate Sen. Loeffler: Profiting off of a Pandemic
Any senator who used insider knowledge to make a profit off the coronavirus crisis has no right to hold office. Sen. Kelly Loeffler and other senators who sold off stocks -- while publicly downplaying the threat of COVID-19 -- must be investigated and held accountable.
Why is this important?
A Senate Republican may have engaged in an absolutely shameful -- and possibly criminal -- insider trading scheme around the COVID-19 crisis, according to new reporting.
Senator Kelly Loeffler received briefings about the coronavirus as a member of the Senate Health Committee. And publicly, she downplayed concerns about an outbreak -- saying that the Trump administration was “doing a great job working to keep Americans healthy and safe.”
But in private, Loeffler was selling off her portfolio -- unloading up to millions in stocks right before they lost huge amounts of market value. She also invested in a teleconferencing company, which has already seen a bump in its stock price due to the current public health crisis.
That means Loeffler’s inside information as a senator let her dodge the market crash that’ll shrink millions of Americans’ retirement savings.
Profiting off of a pandemic is despicable. If the allegations are true, instead of serving the American people in a moment of crisis -- Loeffler used her position as a senator to enrich herself.
Common Cause has filed official complaints with the Senate Ethics Committee, the Department of Justice, and the Securities and Exchange Commission to demand an investigation into Loeffler -- as well as Senators Richard Burr, Jim Inhofe, and Dianne Feinstein, who did a similar stock sell-off earlier this year.
If Loeffler engaged in this outrageous self-serving conduct, she has no right to continue to serve in the U.S. Senate. Add your name to demand a full investigation immediately.