Kelly Loeffler, the wealthiest United States senator with a net worth of $500 million, may be facing new questions about potential self-dealing and conflicts of interest as she campaigns across Georgia with just a week to go before that state’s runoff election.
Mother Jones is reporting that Loeffler, who was put on the Agriculture Committee and its Commodities Subcommittee after being appointed to the Senate in 2019, had regulatory oversight of a government agency whose policies had a substantial, direct impact on the profitability of companies which she and her husband, Jeffrey Sprecher, own and where she was a top corporate officer.
Her opponent in the runoff election, Rev. Raphael Warnock, has repeatedly brought up Loeffler’s apparent conflict of interest, which first surfaced when GOP Gov. Brian Kemp appointed her to the state’s empty Senate seat. But these new revelations appear to show a more direct connection between her role as senator and the industries that her committee regulates.
According to the Mother Jones report, “while Loeffler was on the commodities subcommittee, the CFTC took several actions that impacted Intercontinental Exchange (ICE). This means Loeffler was overseeing regulators at the same time they were engaged in activity affecting a company she was intimately tied to as a current shareholder, former executive, and spouse of its CEO.
“Loeffler was one of a handful of senators on the subcommittee that keeps a watch on the CFTC when the commission was making decisions essential to her old company and a subsidiary she had run—two corporate entities in which she held large investments.”