GOP senator: Criticism of stock scandal is a 'socialist attack'

Sen. Kelly Loeffler (R-GA) appeared on Fox News Friday morning and claimed criticism of questionable stock sales she made were a “socialist attack” against her.

Loeffler and her husband, Jeffrey Sprecher, made the sales following a private Jan. 24 congressional briefing about the looming coronavirus crisis, prompting allegations of insider trading, which she has denied. Sprecher is chairman and CEO of Intercontinental Exchange, the company that owns the New York Stock Exchange.

As a result of the media scrutiny, which Loeffler described as “hurtful,” she and her husband announced they would divest from all individual stocks.

She has maintained her innocence since news of the questionable transactions surfaced.

From an April 17 appearance on Fox News’ “America’s Newsroom”:

SANDRA SMITH (HOST): I want to circle back. We had you on this program within 24 hours of the news coming out suggesting that, for some reason, that you had made an insider trade, you and your husband, with your individual investments, your private investments. You came on our program. You denied that.

 

You have since said that you are going to liquidate your individual stock positions, despite the fact that you are defending yourself on that, you said, just to avoid the controversy and the criticism. Have you and your husband done that?

 

SEN. KELLY LOEFFLER: Yes, Sandra. And I’ve been very open about addressing all those questions. This is a political attack that is designed to distract from the issue at hand and to use this outbreak to play politics. We have addressed this and taken extraordinary measures to make sure that we can’t be attacked for our success.

 

This gets at the very heart of why I came to Washington: To defend free enterprise. To defend capitalism.

 

And this is a socialist attack.

 

We have taken extraordinary measures, and I am focused solely on working for Georgians. I’ve been doing that seven days a week, around the clock. And it’s my honor to be here and serve, and that’s why I stepped out of the private sector.

Published with permission of The American Independent Foundation.