CNBC: Sen. Loeffler, NYSE CEO husband defend stock sales after her private coronavirus briefing

Sen. Kelly Loeffler and her husband’s firm, which owns the New York Stock Exchange, defended on Friday the propriety of the couple’s sales of up to $3 million worth of stocks after she was privately briefed by federal officials about the coronavirus outbreak.

At the same time, two good-government advocacy groups filed complaints against Loeffler, R-Ga., and other senators, in connection with their sales of stocks after that closed-door briefing on Jan. 24. …

Despite the statements by Loeffler and Intercontinental Exchange, the controversy over the stock sales by her and the other senators is not likely to go away anytime soon.

The government advocacy group Common Cause said Friday it had filed complaints with the Justice Department, the Securities and Exchange Commission and the Senate Ethics Committee “calling for immediate investigations” of Loeffler, Burr, Feinstein and Inhofe “for possible violations of the STOCK Act and insider trading laws.

The STOCK Act bars members of Congress from using inside information from their official positions for private gain.

Common Cause said the trades by the senators as alleged involved “potentially criminal misconduct.”

“These Senators appear to have used classified intelligence briefings as stock tips and sold off significant holdings to avoid losses in the markets,” said Paul Ryan, Common Cause Vice President for Policy and Litigation.

“These laws are on the books for a good reason, without them the potential to abuse the power of elected office for personal enrichment would be virtually unlimited.”