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GOP Senator Dumped Retail Stocks, Invested In Firm That Makes Protective Medical Garments


GOP Senator Dumped Retail Stocks, Invested In Firm That Makes Protective Medical Garments

Republican Sen. Kelly Loeffler of Georgia and her husband, Intercontinental Exchange (ICE) Chairman Jeff Sprecher, bought and sold about $1.4 million in stocks between mid-February and mid-March after she was part of a late-January briefing on the virus, the Atlanta Journal-Constitution reported on Tuesday night.

Last month, both Loeffler and Sprecher came under scrutiny for selling hundreds of thousands of dollars in stock before the market plummeted due to the economic devastation caused by the ongoing COVID-19 outbreak.

The Daily Beast reported last month that after attending a January 24 closed-door US Senate briefing on the COVID-19 outbreak, Loeffler sold hundreds of thousands in shares in Resideo Technologies, Comcast, Autozone, and more, before the decline in the market while also buying up shares in Citrix, a company that makes telecommuting software.

On Tuesday, The Journal-Constitution reported that newly-disclosed stock transactions from early March involved the sale of retail stocks, including the sale of $70,000 in shares of the retailer Ross on March 4 and 5, $27,000 in shares of TJX Companies, the parent company of TJ Maxx, and over $56,000 in shares of Lululemon, a popular athleisure clothing brand.

At the same time, Loeffler purchased over $87,700 in shares of Dupont, a Delaware-based chemical company that manufactures medical supplies, which are now in high demand.

In a March 20 statement, a spokesperson for Loeffler said that “investment decisions are made by multiple third-party advisors without her or her husband’s knowledge or involvement” and said “as confirmed in the periodic transaction report to Senate Ethics, Senator Loeffler was informed of these purchases and sales on February 16, 2020- three weeks after they were made.”

And as the Journal-Constitution noted, Loeffler also sold off shares in companies that could be poised to benefit from the coronavirus outbreak moving people to work remotely in late February and early March, including selling shares in Facebook and DocuSign, a platform that enables remote signing of documents.

Read the Journal-Constitution’s full report here.

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