John,
Senators Richard Burr and Kelly Loeffler sold millions of dollars in stocks after receiving nonpublic briefings about coronavirus. Just days after their stock sales, markets began to nosedive.
That’s appalling. Burr and Loeffler may have violated the STOCK Act, insider trading laws and ethics rules—and appear to have prioritized their personal financial interests over the safety and wellbeing of Americans. CREW has filed a complaint with the Senate Ethics Committee for a full investigation. Read the complaint here, and share on Facebook, Twitter, or by forwarding this email.
Members of Congress are prohibited from using material, nonpublic information for private profit. It would be hard to imagine how information about the threat of the coronavirus outbreak could ever be considered non-material to investors given the economic crisis that the pandemic created. Burr and Loeffler may have been aware of nonpublic information about coronavirus and the likely impact on markets, and reassured the public that it was under control while looking out for their own financial interests. They should be investigated for whether they violated insider trading laws.
During a massive public health crisis, these two senators seem to have chosen to avoid personal financial losses rather than using their platform to raise the alarm to their constituents or push for a robust response from the federal government. Not only is that dereliction of duty—it may well be against the law.
Politicians who put profit over public trust must be held accountable, and CREW will keep up the fight until they are.
Thank you,
Noah Bookbinder
Executive Director, CREW
