Disclosures about stock sales by certain members of Congress have given a new twist to the politics of the Coronavirus and the legislative elections of 2020. They have also raised questions about whether the Senators and Congressman involved may be criminally liable under laws governing insider trading in the United States.
One example of the politicians under fire is Senator Kelly Loeffler (R – Ga.) As a Senator and a member of the Health Committee she received non-public information in briefings from executive branch officials as the early Covid-19 cases were identified. At this time, US stock prices were at an all time high. Loeffler and her husband sold more than $1.25 million in stock in a three week period beginning on January 24.
As she was selling stock, Senator Loeffler was putting on a bullish face in public.
The Thing to Know:
Loeffler was appointed to the Senate by the Governor of Georgia in December after the resignation of Senator Isakson who faced health issues. Loeffler is competing in a special election this November, seeking to retain the seat. The impact of these revelations on that campaign is not as yet at all clear.