Sen. Kelly Loeffler (R-GA) says she will liquidate her stock holdings after selling off millions of dollars in shares after hearing dire warnings about the coronavirus epidemic.
The Georgia Republican and her husband Jeff Sprecher, who is chairman and CEO of the company that owns the New York Stock Exchange, will convert their individual stock share positions to mutual funds and exchange-traded funds by third-party advisors, reported CNBC.
“Amid this health crisis, the temptation to circulate lies and misinformation is too great for the media and my political opponents,” Loeffler said. “That is why I’m taking steps to remove this temptation so that we can turn our focus back to where it belongs: on combating COVID-19 and restoring our country to health and economic recovery.”
The liquidation, which was expected to be completed by the end of the week, was announced two days after a poll showed Loeffler 23 points behind Rep. Doug Collins, who’s challenging her in the GOP primary.
Loeffler, the richest person in the U.S. Senate, sold off millions of dollars in shares ahead of a massive stock market plunge as the coronavirus shut down the U.S. economy.
Those trades came after Loeffler and other senators were briefed by federal officials about the pandemic threat to American lives and the economy.