Party in Government and Potential Scandal

James Walker at Newsweek:

Senators Richard Burr and Kelly Loeffler have faced calls to resign after it was revealed that the Republican lawmakers sold off stock holdings before the COVID-19 epidemic crashed markets.

Both of the senators reportedly attended briefings on the novel coronavirus outbreak and publicly sought to calm nerves as they dumped chunks of their portfolios ahead of market turmoil in March.

ProPublica reported on Thursday night that North Carolina Sen. Burr, the Senate Intelligence Committee chairman, sold between $628,000 and $1.7 million worth of stock on February 13.

The stock dump came days after he co-authored a Fox News op-ed claiming the United States was "better prepared than ever before to face emerging public health threats, like the coronavirus."

Following the news of Sen. Burr's stock sell off, the Daily Beast reported that Sen. Loeffler of Georgia recorded a sale of stock on January 24—the day of an all-senators briefing with administration health officials that covered the COVID-19 outbreak.

Sen Loeffler responds:

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.

— Senator Kelly Loeffler (@SenatorLoeffler) March 20, 2020

Joy Reid notes:

Even before her alleged crisis trading she was put on the committee REGULATING HER SPOUSE. Who’s he? “Jeffrey Sprecher is CEO of Intercontinental Exchange which is regulated by the Commodity Futures Trading Commission and owns the New York Stock Exchange.” https://t.co/GrZjzUsWdz

— Joy Reid (@JoyAnnReid) March 20, 2020

Burr won reelection in 2016. Long before the story broke, he said that he would not seek a fourth term in 2022.

Loeffler is an appointed senator.  In December, Georgia Gov. Brian Kemp chose her to replace Johnny Isaskson, who resigned because of poor health.  Rep. Doug Collins wanted the appointment, and is running against Loeffler in a special "jungle primary" in November.  This primary is like top-two in California but with a key difference:  in the California top two system, the top two finishers always advance to the November electionr even if one gets a majority in the first round.  In the jungle primary, a candidate who gets a majority the first time wins the election outright.

NRSC has a policy of backing the party's incumbents, even appointed ones, and harshly attacked Collins:

Following Doug Collins’ Senate announcement, the National Republican Senatorial Committee’s Executive Director Kevin McLaughlin released the following statement in support of Senator Kelly Loeffler (R-GA):

“The shortsightedness in this decision is stunning. Doug Collins’ selfishness will hurt David Perdue, Kelly Loeffler, and President Trump. Not to mention the people of Georgia who stand to bear the burden of it for years to come. All he has done is put two senate seats, multiple house seats, and Georgia’s 16 electoral votes in play. The NRSC stands firmly behind Sen. Kelly Loeffler and urges anyone who wants to re-elect President Trump, hold the GOP senate majority, and stop socialism to do the same.”