ATLANTA, Ga. (CW69 News at 10) -- Reports that U.S. Senators Kelly Loeffler (R-GA) and Richard Burr (R-NC) collectively sold millions of dollars in stocks are taking social media by storm. The stock dumps allegedly occurred following a closed-door Senate meeting on COVID-19 preparedness and before the stock market plunged.
A ProPublica article alleges Burr sold off close to $2 million in stocks in 33 transactions on February 13. The Daily Beast accuses Loeffler of selling up to $3.1 million in stocks jointly owned by her husband.
Both senators are also accused of downplaying coronavirus concerns, and both took to Twitter to offer responses to the stock sell-off accusations.
"This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement.
As confirmed in the periodic transaction report to Senate Ethics, I was informed of these purchases and sales on 02/16/2020 – three weeks after they were made."
She shared a screenshot of what she said is proof of the transaction, labeled "Private Note to the Select Committee on Ethics, dated March 12, 2020, and indicating "Transactions notified to filer on or after February 16, 2020."
Burr said in his Twitter post:
"I relied solely on public news reports to guide my decision regarding the sale of stocks on February 13. Specifically, I closely followed CNBC's daily health and science reporting out of its Asia bureaus at the time. Understanding the assumption many could make in hindsight however, I spoke this morning with the chairman of the Senate Ethics Committee and asked him tho open a complete review of the matter with full transparency."
Burr also posted a copy of a letter addressed to the chairmen of the Senate Ethics Committee requesting a "full and expedited investigation of these sales by the Ethics Committee," also indicating, "I stand ready to be fully transparent with you and your Committee as you do your work."
In spite of their responses, they have received several social media comments calling for their resignations.
Loeffler assumed Senator Johnny Isakson's seat back in January after he retired.
for more features.