U.S. Sen. Loeffler Will Liquidate Stock Portfolio After Scrutiny Of Stock Transactions

The PAC, Georgia United Victory, has spent at least $4 million on U.S. Sen. Kelly Loeffler’s behalf since it was created in July, although full details are not yet available.

Jacquelyn Martin / Associated PRess

U.S. Sen. Kelly Loeffler of Georgia and her husband are liquidating their managed stock portfolio after accusations that she, and other politicians, profited off inside information about the economic effects of the coronavirus pandemic.

Loeffler and her husband Jeffrey Sprecher, who is CEO of Intercontinental Exchange and chairman of the New York Stock Exchange, will transfer their assets into exchange-traded funds and mutual funds by the end of the week.

“Let me be clear: I do not have to do this,” Loeffler said in a statement.

She maintains she has no involvement in her stock transactions because they are managed by outside advisers and has broken no laws or ethics rules.

“I’m doing this because this transparency is being abused for political gain, and the steps I’ve taken to distance myself from these accounts are being ignored,” she said.

At least one U.S. senator, Richard Burr of North Carolina, is reportedly under federal investigation for his stock sales.

“I have not profited or attempted to profit at any time based on my service in the Senate,” Loeffler said. “This story was manufactured by a left-wing website, never fact checked and used as a weapon by the media and my political opponents as a baseless attack. There is no truth to any of it.”

Loeffler, the second woman to ever serve as a Georgia senator, faces a tough “jungle primary” election this November after being appointed by Gov. Brian Kemp in December.