Unelected Loeffler Cut a Big Check to Buy Her Senate Appointment
- Loeffler’s ability to self-fund and willingness to spend $20 million to keep her seat was a top reason why Governor Kemp appointed her to the U.S. Senate.
- Loeffler submitted her application for the Senate seat through Kemp’s online application portal only hours before the deadline, prompting speculation that she did so only after a backroom deal secured her appointment.
- The Atlanta Journal-Constitution reported that Kelly Loeffer’s application “read like it was honed by Kemp advisers.”
- In spite of her ability to self-fund, Loeffler’s appointment got pushback since she’s never run for public office and faces a string of elections in 2020, 2022 and a possible run-off in 2021.
Kelly Loeffler Is Swimming in Conflicts of Interest
- Once appointed, Loeffler did not address concerns about potential conflicts of interest, including whether she would sit out votes in the Senate that could benefit her and her husband’s, New York Stock Exchange (NYSE) chair Jeffrey Sprecher, businesses. Loeffler also did not address whether she would serve on committees that oversee the financial industry.
- Loeffler was the CEO of Bakkt, a cryptocurrency company, which was a subsidiary of Intercontinental Exchange. Loeffler’s husband, Jeffrey Sprecher, founded Intercontinental Exchange, which owns The New York Stock Exchange (NYSE). Sprecher is the chair of the NYSE.
- Loeffler’s close ties with the NYSE could pose a challenge as Senator –– the U.S. Senate is expected to vote on a new commissioner of the Securities and Exchange Commission in 2020, which regulates the NYSE, which is one of Intercontinental Exchange’s most valued assets.
- Congress is also expected to vote in 2020 on whether to authorize the Commodity Futures Trading Commission, which regulated financial trading platforms and exchanges.
- Loeffer’s myriad of potential conflicts of interest raise questions about whether her financial ties will influence her votes in the Senate.
Loeffler Funds Corrupt Politicians
- Kelly Loeffler and her husband have given $3.2 million to political committees. 97 percent of this money went to Repuiblican candidates and causes, including to the campaigns Big Money 20 members Sens. McConnell, McSally, Cornyn, and Tillis.
- Loeffler gave $7,300 to Phil Gingrey, a former Republican congressman from Georgia, who later defended former Missouri congressman Todd Akin’s comments on “legitmate rape”. Gingrey was also found to have violated House Ethics rules.
- Loeffler contributed $12,600 to Nathan Deal, the former governor of Georgia, after he improperly used his congressional office to pressure officials to continue a program that benefited his family business.
- Kelly Loeffler also gave $2,600 to Congressman Rick Allen, who later read a bible verse suggestion that gay people were “worthy of death” during a vote on gay rights.