Multiple senators unloaded stocks before coronavirus market drop

by Jordyn Pair · Mar 20th, 2020 9:09 am

Multiple senators are being accused of selling stock after being briefed on the coronavirus, before the public knew the seriousness of the coming pandemic.

Senate Intelligence Committee Chairman Richard Burr (R-NC) and his wife sold between around $600,000 and $1.7 million in more than 30 separate transactions in late January and mid-February, according to Senate records. Some of the stocks were in companies that own hotels.

The stock sales, which were first reported by ProPublica and The Center for Responsive Politics, mostly came on February 13, shortly before Burr made a speech in Washington, D.C., about the dangers of the virus.

Sen. Kelly Loeffler (R-GA) also sold hundreds of thousands of dollars worth of stock in late January as senators began to be briefed on the severity of the virus. The senator is married to Jeffrey Sprecher, the chairman and CEO of Intercontinental Exchange, which owns the New York Stock Exchange.

Sen. Dianne Feinstein (D-CA) and her husband sold between $1.5 million and $6 million in stock between January 31 and February 18. The couple sold stock in California biotech company Allogene Therapeutics.

Sen. James Inhofe (R-OK) sold up to $400,000 of stock in companies such as PayPal, Apple, and real estate company Brookfield Asset Management, all on January 27.


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