Sen. Kelly Loeffler received stock and other awards worth more than $9 million from her former employer, the Intercontinental Exchange (ICE), just before she was appointed to the Senate in January. To quash criticism of the package, which is allowed under Senate rules, the Georgia Republican stepped down from the Senate agriculture subcommittee that oversees the futures markets. She remains a member of the Agriculture Committee.
“Loeffler previously said she would recuse herself on a case-by-case basis, but now it’s abundantly clear that the media and her adversaries will stop at nothing to attack her and take away from the important work taking place during this public health crisis,” said Loeffler’s office. The change in subcommittee membership was announced soon after the New York Times published a story about the going-away gift from ICE. Loeffler’s husband is the founder and chief executive of ICE.
“It looks, feels, and has the sweet aroma of a windfall,” Brian Foley, head of an executive compensation firm, told the Times.
Loeffler’s immense wealth was considered an advantage when she was appointed to the Senate to replace Johnny Isakson, who resigned due to illness. The thinking was that she could spend millions of dollars of her own money to make sure Republicans retain the seat. Georgia will hold a special election on Nov. 3 to fill the final two years of Isakson’s term at the same time that Republican Sen. David Perdue is running for re-election.
But other ambitious Republicans, including Rep. Doug Collins, are also running in the special election. And Loeffler “has also been dogged by allegations of insider trading that stem from stock transactions made on her behalf during the Covid-19 pandemic. Although Loeffler said she did nothing wrong, she and her husband later sold nearly all their shares in individual companies to avoid perceived conflicts of interest,” said the Atlanta Journal-Constitution.
Political handicappers rate the special election, in which Republicans and Democrats run on a single ballot, as “leans Republican.” If no one wins a majority, a runoff election will be held on Jan. 5 between the two candidates with the highest number of votes.