According to the Daily Beast, Perdue worked on a bill that instructed the Navy to spend $4.7 billion on submarines made by BWX Technologies, the very company in which he bought stock.
A new report reveals that Georgia Sen. David Perdue bought stock in a company that makes submarine parts, just one month before he took over a Senate committee in charge of Navy oversight.
According to the Daily Beast, Perdue worked on a bill that instructed the Navy to spend $4.7 billion on submarines made by BWX Technologies, the very company in which he bought stock. Perdue then sold off his shares in the company months later and reported making $15,000 to $50,000 in Senate disclosure forms.
This isn’t the first time that Perdue has been accused of shady stock maneuvers. In April, the Atlanta Journal-Constitution reported that Perdue bought stock in a company that makes personal protective equipment on Jan. 24, the same day senators had a classified briefing on the coming pandemic.
Meanwhile, over 8,500 Georgians have died from COVID-19, and 393,980 people in the state have been diagnosed with the disease. Perdue has also consistently defended President Trump’s handling of the pandemic—despite Trump’s failure to create a coordinated national response to the virus, hundreds of thousands of deaths, and an economy in tatters.
And while Perdue has been making money thanks to his position in Congress, he has also accused fellow Georgians of being too lazy to return to work during the pandemic.
In a May Senate hearing on the stimulus package, Perdue said the extra $600 a week benefit that millions of Americans relied on led them to stay at home.
“The unemployment premium is keeping people from coming back to work,” Perdue said. “There are employers in my state who really want people to come back to work but they’re saying, ‘No, why would I do that? I’m going to enjoy this premium right now and call me back in a couple of months.’”
Georgia’s other senator, Republican Sen. Kelly Loeffler, similarly traded stock immediately after the same classified briefing on the coronavirus pandemic that benefitted Perdue. From Jan. 24 through Feb. 14, the senator and her husband—Jeff Sprecher, CEO of Intercontinental Exchange and the chairman of the New York Stock Exchange—sold off millions of dollars in stock. Loeffler is running against Democratic candidate Raphael Warnock in the Jan. 5 run-off.
The Daily Beast reports that Perdue also engaged in questionable stock purchases in 2017. Then, Perdue bought stock in a debit card provider after pushing to weaken regulations against that sector.
Perdue’s office downplayed this latest report, saying the senator “doesn’t manage his trades.” But Perdue has refused to put his investments in a blind trust, which would eliminate any questions on whether he had influence on trading.