Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sen. Kelly Loeffler. Photo: Toni L. Sandys-Pool/Getty Images

The Justice Department is closing its inquiries into stock selloffs by Sens. Kelly Loeffler (R-Ga.), James Inhofe (R-Okla.) and Dianne Feinstein (D-Calif.) that occurred after the lawmakers were briefed about the coronavirus' potential economic toll, the Wall Street Journal first reported.

The big picture: The investigation into trades by Sen. Richard Burr (R-N.C.), who stepped down as chair of Senate Intelligence Committee pending the results of the inquiry, is reportedly continuing. Burr's cell phone was seized by the FBI earlier this month.

  • Burr had more direct involvement in his trades than the senators, and claims he relied on CNBC reports coming out of Asia — not private briefings — to make his decisions.
  • Burr's sale of over $1.72 million of stock on Feb. 13 included stake in the hotel chains Wyndham and Extended Stay America.

Catch up quick: Loeffler, Inhofe and Feinstein sold off hundreds of thousands of dollars worth of stock following briefings in January that detailed the potential economic devastation of the coming pandemic.

  • Lawmakers are prohibited from insider trading via the 2012 "Stop Trading on Congressional Knowledge Act," which blocks members of Congress and their staff from managing investment portfolios based on nonpublic information.

All three senators claim they had no personal involvement in the selloffs, and did not use their knowledge of the virus' incoming toll to influence the decisions of their investment managers.

  • Only Loeffler is up for re-election this year, and she is facing a hotly contested primary against Rep. Doug Collins (R-Ga.)
  • Polling shows the allegations of misconduct have hurt Loeffler's standing with constituents.

Go deeper

Democrats outraged over intel chief's move to halt in-person election briefings

Photo: Drew Angerer/Getty Images

Sen. Elizabeth Warren (D-Mass.) slammed Director of National Intelligence John Ratcliffe as a "Trump stooge" for his decision to no longer provide in-person briefings to Congress on election security issues, joining the chorus of Democrats who have condemned the move.

The big picture: Ratcliffe, a Trump loyalist who was confirmed for the position overseeing U.S. intelligence agencies in May, said he made the decision to only provide written briefings in order to prevent leaks. Democrats say that suspending in-person briefings to Congress will allow Ratcliffe to skirt accountability and avoid follow-up questions.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists — National standardized tests delayed until 2022.
  5. Cities: Los Angeles County issues stay-at-home order, limits gatherings.
  6. World: London police arrest dozens during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.