Topline

President-elect Donald Trump is expected to name former Sen. Kelly Loeffler as his nominee for secretary of agriculture, CNN reported Friday, elevating the Georgia Republican after she and her billionaire husband spent more than $5 million had spent on boosting Trump during the election, making him among his top donors. .

Key facts

What to pay attention to

Federal records on campaign donations are only available through Oct. 16, so it’s possible that Loeffler and/or Sprecher gave more money to support Trump just before Election Day, but that won’t be publicly reported for a few weeks.

Who is Kelly Loeffler?

Although she gained national attention in Congress, Loeffler’s career was primarily as a businesswoman. She worked as an executive at Sprecher’s Intercontinental Exchange and then led the cryptocurrency company Bakkt, a subsidiary of Intercontinental Exchange. Georgia Gov. Brian Kemp, R., appointed Loeffler to the Senate in 2019 to fill the seat vacated by Sen. Johnny Isakson when he resigned. Loeffler was only a senator briefly from 2020 to 2021, when Senator Raphael Warnock unseated her in a special election.

Why was Loeffler’s time in the Senate controversial?

Loeffler courted controversy in the Senate for her stock moves in the early days of the COVID-19 pandemic, selling about $20 million worth of stock between late January and March after lawmakers received private briefings on the potentially devastating impact of the pandemic. The Senate Ethics Committee cleared her of any wrongdoing in June 2020, but Loeffler said in an April 2020 op-ed that she relinquished her individual shares even though she claimed she and her family “never used confidential information that I received while performing my duties’. Senate duties as a means to private profit.” Loeffler also resigned from the Senate Agriculture Committee’s Subcommittee on Resources and Trade amid the controversy, though she remained a member of the full Agriculture Committee. Although she was cleared of wrongdoing, controversy continued to be an issue during her ultimately unsuccessful race against Warnock.

Forbes rating

Forbes values ​​Sprecher’s net worth at $1.1 billion on Friday afternoon.

Important background

Assuming she is announced, Loeffler will be one of the staunch Trump allies the president-elect is now rewarding with top positions in his administration, along with figures like campaign manager Susie Wiles and his chief of staff, former Florida Attorney General Pam. Bondi as attorney general and longtime adviser Stephen Miller as Trump’s deputy chief of staff for policy. Loeffler isn’t the only billionaire donor to come into Trump’s administration. The president-elect also appointed Linda McMahon, wife of wrestling mogul Vince McMahon, to head the Department of Education after she similarly poured millions into his election. Elon Musk, who became one of Trump’s most outspoken supporters before the election while spending millions through his America PAC, will also lead a Department of Government Efficiency alongside billionaire Vivek Ramaswamy when Trump takes over the White House, although that remains to be seen. expectation will also be the same. operate outside the government. Trump’s election was aided by billionaires who donated heavily to super PACs supporting the ex-president, as Trump’s main campaign fund — which, unlike super PACs, is subject to limits on donations — significantly lagged behind cash returns from Vice President Kamala Harris. While Harris outraised Trump by nearly three-to-one in their top campaign funds ahead of Election Day, federal documents suggest that the top 10 super PACs backing Trump actually raised more money than those backing Harris.

Read more

ForbesTrump’s Cabinet and Key Jobs: Pam Bondi chosen for AG after Gaetz withdrewBy means of Sarah Dorn
ForbesHere are Trump’s top billionaire donorsBy means of Leo Kamin
ForbesKamala Harris has more billionaires prominently supporting her than Trump – Bezos and Griffin weigh in (updated)By means of Derek Saul
ForbesThe richest politician on Capitol Hill is probably the recently appointed, controversial Senator Kelly Loeffler of GeorgiaBy means of Michela Tindera