The Richest Politician On Capitol Hill Is Likely Georgia’s Recently Appointed, Controversial Senator Kelly Loeffler

Loeffler and her husband Jeff Sprecher, CEO of global exchange operator ICE, have an estimated $800 million fortune–and the conflicts to go with

Curated via Twitter from Forbes Tech’s twitter account….

As long as Loeffler and her husband hold onto their stock, there are no easy solutions—even recusal can cause complications for a legislator. “If she recuses because of a conflict of interest arising from her husband’s business, it also means that Georgia has 50% less of a voice in what happens,” says Donald Sherman, former chief oversight counsel for the House Committee on Oversight and Government Reform. “In a divided government, with a closely divided Senate, one vote can certainly be decisive.

In May, the Georgia senator stepped down from her position on the Senate Agriculture Subcommittee on Commodities, Risk Management, and Trade, explaining the decision as a move to “avoid potential attacks. ” Still, Loeffler remains on the overarching committee, which as recently as last year held a full committee hearing on reauthorizing the Commodities Future Trading Commission, a government agency that regulates her husband’s business.

Many reports have noted that Loeffler, 49, and her husband, 65, hold a roughly $500 million stake in a company called Intercontinental Exchange, which serves as the parent to the New York Stock Exchange.

But after accounting for more than a decade of share sales and dividend payments, while also taking a closer look at Loeffler’s financial disclosure report, Securities and Exchange Commission filings and property records, Forbes estimates that Loeffler and her husband are worth at least $800 million.

Loeffler could also face votes on nominations for appointees to the CFTC and the Securities and Exchange Commission, another agency that watches over ICE. “There has to be vigorous oversight of the markets, and Congress has an important role to play in that,” says Virginia Canter, chief ethics counsel at Citizens for Responsible Ethics in Washington. “She needs to do everything possible to mitigate against her ability to vigorously carry out that function.

Loeffler and her husband Jeff Sprecher, CEO of global exchange operator ICE, have an estimated $800 million fortune–and the conflicts to go with it.

As Loeffler heads toward a special election in November, facing both Democratic and Republican challengers, she is following the Trump playbook to set the narrative. “The liberals unfairly target President Trump every day—just like they’re unfairly targeting conservative Kelly Loeffler,” a narrator declares in a recent campaign ad, as an image shows Loeffler beside Trump, “But they’re both standing strong. Staff writer at Forbes.

In 2009, Jeff Sprecher and Kelly Loeffler purchased an Atlanta estate for $10. 5 million.

He brought on companies like Goldman Sachs and Morgan Stanley as early shareholders, giving them equity in the business in exchange for promises to execute a minimum number of transactions through Sprecher’s platform each year. “I figured my own personal stake, or net worth, or reward that came out of it, would work out just fine as long as the company did well,” Sprecher said in a 2018 podcast. And it did.

Georgia Senator Kelly Loeffler, who at the time also worked at ICE, married Sprecher in 2004.

Loeffler and Sprecher have also bought three homes in Florida, a condo in Chicago and a $4. 3 million pad along the Georgia coastline.

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