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  • Writer's pictureRyan Lipton

Georgia Senator Kelly Loeffler officially a billionaire, wealthiest member of congress

Georgia Senator Kelly Loeffler has become a billionaire and is the wealthiest member of Congress, according to the Independent.

Jeffrey Sprecher, Loeffler's husband and CEO of Intercontinental Exchange Inc. (ICE), saw his company's stock rise by about 20 percent this past year helping Loeffler earn the title of a billionaire as the company is now worth over $63 billion.

In the past, Loeffler worked for ICE as an executive where she had a role in investor relations in addition to communications and marketing. It is also worth noting that ICE is headquartered in Atlanta, Georgia, the same state Loeffler is a senator of. For a person with Loeffler's track record, it isn't an ideal situation.

It isn't that Loeffler is bound to do something that would be biased toward or favor ICE in order to help grow her own wealth further, but she hasn't had the best track record to provide confidence that as a senator she would work in the best interest of the Georgian and American people.

For instance, Loeffler sold $18 million in stock before the coronvius pandemic on seemingly insider information. None of it has been proven so far, as it is nearly impossible to prove such, but it certainly raises red flags.

Loeffler also has been seen wearing a jacket worth more than $3,200 while voting against the $2,000 stimulus checks that would have provided much-needed relief for Americans and is against democracy as she is objecting to certifying the 2020 Presidential Election results that Joe Biden won.

Beyond that, ICE has major influence over the United States' financial system. The company operates exchange traded futures and options in the agricultural, financials, oil, electricity, and natural gas markets. The company basically owns the exchanges for many financial and commodities markets and is the owner of the New York Stock Exchange.

Since it is difficult to trust Loeffler to act in good faith, shown by her recent actions, it is hard to imagine a scenario where anyone should feel comfortable voting her into the United States senate when her wealth is tied to a $63 billion company that her husband runs in the same state she would reside over.

According to the Financial Times, donors affiliated with ICE have given more than $21 million to the Georgia United Victory PAC which has mainly run negative ads against Loeffler's opponents.

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About Ryan Lipton:

Ryan is a recent graduate from the University of North Carolina at Chapel Hill and majored in Business Journalism. He has written in the past for SB Nation's Silver and Black Pride, USA Today Sports Media Group, North Carolina Business News Wire, the Daily Tar Heel, and has worked with Ice Cube's BIG3 basketball league.

For more of Ryan Lipton's articles click here.

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