PFAW Member,
With news of the coronavirus rightfully dominating headlines right now, we wanted to make sure you saw some of the latest developments in the scandal regarding potential stock dumping by members of Congress.
New reporting reveals that Republican Senator Kelly Loeffler (R-GA) and her husband bought and sold more than $1.4 million in stocks upon learning of developments related to the spread of the coronavirus. Like Senator Burr, Sen. Loeffler serves on the Senate Intelligence Committee and received regular (and confidential) briefings on the emerging public health threat.1
This kind of egregious self-dealing has no place in Congress, should be investigated fully, and those who participated should be held accountable.
Thanks for all that you do,
-- PFAW
[1] "Loeffler traded $1.4M in stocks as Congress responded to coronavirus pandemic" The Hill, 4/1/20
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PFAW Member,
Reporting from ProPublica reveals that Senator Richard Burr (R-NC) possibly exploited early knowledge of the coronavirus pandemic – obtained by way of his position as Senate Intelligence Committee Chairman – by selling off millions in stocks last month… just weeks before the stock market began to nosedive because of the coronavirus outbreak.1
Other reports are out that Burr also was warning others from his state in a private meeting about the extreme impact the pandemic would soon have on Americans’ daily life and the economy, even as he publicly backed up the Trump administration’s downplaying of the crisis!2
Burr’s actions reek of corrupt self-dealing and possibly some form of insider trading. To his credit, Sen. Burr has said he welcomes an investigation by the Senate Ethics Committee, but an independent investigation by the Securities and Exchange Commission (SEC) is also needed to determine if Burr – and possibly other members of Congress – acted inappropriately with insider knowledge to protect their own financial assets.
While Senator Burr and other Republicans were providing public assurances that the U.S. was prepared for a potential coronavirus outbreak (and sometimes even DOWNPLAYING the risks to the public), they were telling a very different narrative in private meetings. Sen. Burr told them: “It is much more aggressive in its transmission than anything that we have seen in recent history. It is probably more akin to the 1918 pandemic." Burr later went on to warn those in attendance to avoid international travel given the potential health risks.3
So far, Sen. Burr has offered incomplete explanations for his actions and has agreed to cooperate with the Senate Ethics Committee, but that’s not enough.
Since the story broke regarding Senator Burr, additional reporting indicates that other members of Congress may have engaged in similar behavior in stock selloffs of their own. Any members of Congress who exploited their positions to provide themselves with a financial windfall deserve an exhaustive investigation into the legality of their actions.
If any members of Congress have profited off the coronavirus crisis, we deserve to know the full extent of their behavior and whether they violated the law in the process.
Profiting from a global pandemic is unacceptable for anyone, let alone our elected officials.
In solidarity,
- Sarah, Digital Campaigns Associate
[1] “Senator Dumped Up to $1.7 Million of Stock After Reassuring Public About Coronavirus Preparedness,” ProPublica, 3/19/2020.
[2] “Weeks Before Virus Panic, Intelligence Chairman Privately Raised Alarm, Sold Stocks,” NPR, 3/19/20.
[3] “Ibid.,” NPR, 3/19/20.
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