GA-SEN: Sen. David Perdue Says His Perfectly Timed Stock Trades Are Completely Innocent
Two weeks after Sen. David Perdue (R-GA) helped to dilute a rule that governed the prepaid debit card industry, he reported acquiring stock in a company that stood to benefit from the rollback of those regulations.
In early 2017, Perdue was pushing to overturn a recent Consumer Financial Protection Bureau measure that, among other things, imposed new regulations on the growing prepaid debit card industry—including requirements that they be more transparent about fees and penalties, and extend the fraud and theft protections enjoyed by normal account holders to those with prepaid cards. The rule was not completely overturned, as Perdue wished, but it was rolled back.
A review of Perdue’s trading of shares of Atlanta-based financial company First Data reveals that an investment firm owned by the senator and his wife, and for which he serves as a director, bought and sold substantial shares in the company from June 2017 to April 2019. Perdue has been among the most active traders in Congress. But of the more than 400 companies in which he’s bought and sold stock since taking office in 2015, he’s reported more transactions involving First Data—a major card payment processor with a significant business in prepaid cards—than any other company but one.
Perdue’s office told The Daily Beast that all of those transactions—involving First Data and every other company—are handled by a third-party investment adviser, and that the senator has no role in buying or selling the securities in his portfolio.
“As we have told numerous publications in response to repeated false accusations, Senator Perdue and Mrs. Perdue have outside, independent advisers who made these specific trades,” said a Senate spokeswoman for Perdue. “The Perdues cannot direct or influence these independent fund managers. These outrageous attacks are based on information that has been publicly available for years. Any accusation of improper conduct is categorically false and nothing more than lies by liberal groups hoping to win an election.”
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