May 26, 2020

Feinstein cleared by Justice Department in husband’s stock trades

By admin

Scott Applewhite / Associated Press)

By Del Quentin Wilber, Sarah D. 13 just as his committee was receiving coronavirus briefings from U.S. Print


The Justice Department is dropping its inquiry into Sen. Loeffler sold stocks valued at $1.25 million to $3.1 million in late February and early March in companies whose value later dropped significantly. Dianne Feinstein talks to reporters as she leaves the Senate chamber in March.(J. Feinstein cleared by Justice Department in husband’s stock trades

Sen. Sen. She had denied wrongdoing and said the trades were made by her husband. Jim Inhofe (R-Idaho). Much of the stock was invested in businesses that in subsequent weeks were hit hard by the plunging market.Congress in 2012 prohibited lawmakers from acting on information they learned in the course of their work, such as briefings with high-level federal officials.The STOCK Act requires lawmakers to disclose their stock market activity but allows them to own stock, even in industries they might oversee.The law passed the Senate in 2012 in a 96-3 vote. and roiled the economy, a person familiar with the matter said.Feinstein (D-Calif.) is among a handful of senators whose stock trades have been scrutinized by federal investigators to see if they violate a law preventing lawmakers from utilizing insider information gleaned from their work. Richard Burr (R-N.C.) stepped down on May 14 from his powerful position as chairman of the Senate Intelligence Committee the morning after the Los Angeles Times reported that the FBI had seized his cellphone as part of its investigation. public health officials and a week before the stock market declined sharply. A spokesman for Feinstein declined to comment.Federal prosecutors informed Feinstein’s personal attorney Tuesday afternoon of their decision. Advertisement

Burr sold a significant portion of his stock portfolio in 33 separate transactions on Feb. Burr was one of three “no” votes. Wire

May 26, 202012:48 PM



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Loeffler’s office confirmed the senator had been notified the investigation has been dropped.“Today’s clear exoneration by the Department of Justice affirms what Senator Loeffler has said all along— she did nothing wrong,” said a spokesperson, Stephen Lawson.A representative of Inhofe did not immediately respond to a request for comment.The Justice Department’s decision came a week after federal agents dramatically escalated an investigation into another senator’s trades before the stock market tanked in response to public health lockdowns that snarled the economy. The person familiar with the matter said prosecutors were also closing investigations into two other senators who traded stocks in the days before the market tanked: Sen. Dianne Feinstein over stock trades made as the novel coronavirus struck the U.S. In January, Inhofe sold stocks worth as much as $750,000. Kelly Loeffler (R-Ga.) and Sen.