Senate financial disclosures showed that Burr sold between $628,000 and $1.7 million worth of stocks on February 13, just days before the markets went into a tailspin caused by a large-scale shutdown of the U.S. economy in reaction to the spread of the virus. The transactions were first reported by Pro Publica.
Burr asked the Senate Ethics Committee to investigate the matter after the stock sell-off first became public, and the Justice Department is reportedly looking into the issue. Burr’s attorney, Alice Fisher, said the senator’s actions were “appropriate” and that he will cooperate with the independent reviews of his stock transactions. Burr has said he relied on “public news reports,” not any information he might have received in his capacity as a senator. Burr has previously said he won’t seek re-election in 2022.
Members of Congress are forbidden from trading stocks based on information learned as part of their job. In addition to his position atop the Intelligence Committee, Burr sits on the Health, Education, Labor and Pensions Committee, and has received briefings on the virus.
It’s not just Burr who has come under fire for his stock transactions. Sen. Kelly Loeffler (R-Ga.) was reported to have sold several high-value stocks and later bought shares of companies whose products have seen a sharp increase in demand due to the economic impacts of the coronavirus.
Loeffler, who is facing a re-election fight this year, has said she did nothing untoward and has since pledged to divest from individual stocks. Her husband is the chairman of the New York Stock Exchange. Sen. Todd Young (R-Ind.), who chairs the National Republican Senatorial Committee, has stood by Loeffler.
Few Republicans have spoken out against the pair of senators, but at least one — Rep. Matt Gaetz of Florida, a staunch ally of President Donald Trump — has said Burr should no longer chair the Intelligence Committee. Burr has drawn criticism from Trump’s allies over his actions related to the committee’s Russia investigation, including his decision to issue a subpoena to the president’s son, Donald Trump Jr.
Source: politico.com
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