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Hi,
We just got a reminder this week that Congress has a corruption problem. One reason: they still get to own, buy, and sell stock even when they're making laws and rules that impact those stocks.
Senator Richard Burr is under FBI investigation for stock trades he made right after he got a classified briefing on the coronavirus, and was forced to step down as chair of the Senate Intelligence Committee.1 Another Senator, Kelly Loeffler, is reported to have made similar trades.2 There are rules preventing members of Congress from insider trading. But Senators may have done it anyway. It's clear we need to do more to stop Congress from abusing their power and privilege.
We need to clean up Congress and make sure they're legislating in the public interest, not for their own private profit. Will you help send a message and fight back against unethical behavior?
When Jimmy Carter became president, he placed all his investments -- even his own peanut farm -- into a blind trust so that there wasn't even the slimmest chance his decisions could affect his personal income.
But today that's not how most members of Congress operate. Senator Burr made 33 transactions in a single day just before the stock market crashed in February. He had just received a private briefing from federal officials warning of the devastating impact the coronavirus would have on the United States.3
Meanwhile, Senator Kelly Loeffler sold $20 million in stock in three separate deals in late February and early March after receiving the same closed door briefing -- and even invested money in a company that makes protective gear for health care workers. Her husband runs the company that owns the New York Stock Exchange, which gave her a huge payday when she entered the Senate.2
Congressional ownership of stock threatens to derail effective oversight of the massive federal bailout program. Representative Donna Shalala, who was appointed to the bailout oversight commission, was revealed to have made more than 500 stock trades after taking office and didn't follow the rules in reporting it.4 There's no way she can fairly and effectively oversee the bailout when she engages in this behavior.
This is all part of the vast culture of corruption that engulfs our federal government, and it has to stop. Congress will act if they feel sufficient public pressure. That's where you come in. Will you help?
Thanks for taking action,
Robert and the team at Demand Progress
Sources:
1. The Guardian, "Richard Burr steps down as Senate committee chair over FBI investigation," May 14, 2020.
2. AJC, "Kelly Loeffler faces new controversy about her pre-Senate payout," May 6, 2020.
3. New York Times, "Stock Sales by Senator Richard Burr Ignite Political Uproar," March 20, 2020.
4. Politico, "Fault lines emerge in oversight body as Toomey, former Warren aide split," April 28, 2020.
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