But she said she and her husband, Jeffrey Sprecher, who is chairman of the New York Stock Exchange, would nevertheless divest from individual stocks so it would no longer be a distraction amid the work against the coronavirus.
“Although Senate ethics rules don’t require it, my husband and I are liquidating our holdings in managed accounts and moving into exchange-traded funds and mutual funds,” Loeffler wrote.
“I’m not doing this because I have to,” she added. “I’ve done everything the right way and in compliance with Securities and Exchange Commission regulations, Senate ethics rules and U.S. law. I’m doing it because the issue isn’t worth the distraction. My family’s investment accounts are being used as weapons for an assault on my character at a time when we should all be focused on making our country safe and strong.”
The lawmakers came under public scrutiny in particular because they were briefed by Trump administration officials on the coronavirus. In addition to briefings for all senators, Burr received information on the outbreak as chairman of the Senate Intelligence Committee. He says his trades were based solely on public reports and not information he received behind closed doors.
“As longtime executives at a Fortune 500 financial-services firm, my husband and I put this arrangement in place to insulate ourselves and our colleagues from these sorts of unfounded accusations,” she wrote.
Loeffler and her husband sold 27 stocks valued between $1.275 million and $3.1 million from January 24 through February 14, according to Senate records. They also purchased three stocks at a value of $450,000-$1 million, including shares in Citrix, a software company that’s gained value over the past two months even as the Dow Jones Industrial Average has dropped roughly 20%.
In addition, Loeffler and Sprecher sold between $586,000 and $1.7 million in stocks and stock options in late February and March, and purchased between $461,000 and $1.2 million in stocks.
The total value of Loeffler’s stock portfolio is unknown because she has not yet been required to file the Senate’s annual financial disclosure form because she is still a new senator. She said she will report the liquidation in her Senate filings later this month.