Loeffler Facing New Ethical Conflict of Interest After Committee Assignment to Oversee Regulation of Husband’s Firm

January 8, 2020

Loeffler’s “‘minefield’ of potential ethical issues” again front and center after assignment to Senate committee that oversees regulation of her husband’s business interests

ATLANTA — “Political mega-donor” Kelly Loeffler has only been in the Senate for one day and already her “‘minefield’ of potential ethical issues” is putting her back under scrutiny as a new Wall Street Journal report reveals that her committee assignments will allow her to oversee a key regulator of her husband’s firm. These latest revelations come after reports on the firm’s extensive history influence-peddling with lawmakers and making lobbyist hires as part of the revolving door between her business interests and Washington — including spending an eye-popping $17 million as part of their lobbying efforts since 2002.

“After buying herself a temporary Senate appointment, Kelly Loeffler’s committee assignments now put her in a prime position to get a return on her investment,” said Alex Floyd, spokesman for the Democratic Party of Georgia. “Considering the whopping $17 million her firm already spent on lobbying efforts, Loeffler’s latest conflict of interest is yet another disturbing sign for Georgians sick and tired of self-serving politicians in Washington.”

Loeffler has already been evasive to say the least in regards to what government watchdog groups call the “minefield of issues” surrounding her Senate appointment, refusing to say “how she planned to manage her finances or whether she would sit out votes that could influence her business.” 

Now, these latest revelations show that Loeffler’s failure to say exactly how she will prevent her numerous potential conflicts of interest raises serious ethical red flags from a senator already facing growing “scrutiny.”

Read about Loeffler’s latest conflict of interest below:

WSJ: Senator Whose Spouse Runs Major Exchange to Help Oversee Regulator

  • A new U.S. senator whose spouse both runs and owns a minority stake in a major exchange operator will help oversee one of the company’s main federal regulators, setting up a potential conflict of interest.
  • Republican leadership assigned interim Sen. Kelly Loeffler (R., Ga.), whose husband, Jeffrey Sprecher, is chairman and chief executive of Intercontinental Exchange Inc., to serve on the Senate Agriculture Committee.
  • The committee oversees the federal Commodity Futures Trading Commission, which regulates markets for derivatives that trade on ICE exchanges. The committee also oversees agriculture, logging, forestry and nutrition programs.
  • Ms. Loeffler’s appointment comes at a time when the agriculture committee is working on legislation to reauthorize the CFTC. The committee’s oversight functions also include approving nominations for CFTC commissioners.
  • According to its annual report, a number of ICE’s exchanges are “subject to extensive regulation by the Commodity Futures Trading Commission.” In addition to day-to-day oversight and enforcement, the CFTC’s rule-making agenda can have a major impact on the company’s operations.

###

Other News from DPG

Want to be added to our press list?

Questions? Tips? Call anytime.

Georgia Voter Protection Line

1-888-730-5816

Democratic Party of Georgia

Help us elect Democrats in Georgia.