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Perdue traded Navy contractor shares as he took control of the Senate Armed Services panel




WASHINGTON (Reuters) – Republican Senator David Perdue, who is seeking re-election in one of two U.S. Senate races in Georgia, bought shares in a Navy contractor just before becoming chairman of a services panel armed forces of the Senate in 2019, then sold the stock at a profit, Senate archives show.

FILE PHOTO: US Senator David Perdue (R-GA) meets with Justice Amy Coney Barrett (not pictured), who has been appointed to the United States Supreme Court to fill the vacancy left by the death of Ruth Bader Ginsburg , on Capitol Hill in Washington, United States, September 30, 2020. Anna Moneymaker / Pool via REUTERS / File Photo

A wealthy businessman, Perdue asked his financial advisers to stop trading individual stocks in May after questions were raised in the media about whether he was using the information he learned at a briefing at huis closed on the Senate coronavirus for the benefit of its investment portfolio.

Perdue said at the time that he brought in an outside advisor to manage his finances and was not involved in day-to-day decisions.

Perdue became chairman of the Senate Armed Services Subcommittee on Seapower’s Power in mid-January 2019, which plays a key role in determining Navy spending.

In the six weeks leading up to his takeover, Senate financial records show Perdue accumulated between $ 32,000 and $ 305,000 of shares in BWX Technologies Inc BWXT.N, supplier of nuclear components for Navy submarines and aircraft carriers.

Lawmakers then sold BWX shares from February 26 to July 9, 2019 and said they earned between $ 15,000 and $ 50,000 from the investment for that year.

Between December 2018 and July 9, 2019, BWX stock rose from less than $ 42 per share to nearly $ 53 on the New York Stock Exchange, according to records.

The Lost trades in BWX were first reported by The Daily Beast on Wednesday.

In response to Daily Beast’s inquiries about this activity, Perdues ‘office referred to a close scrutiny of Senators’ stock trading, insisting it has nothing to do with their investment portfolio. .

The Senate office and the Perdues campaign did not respond to Reuters requests for comment.

A spokesperson for BWX said the company does not monitor purchases of its shares by individuals and is unaware of Lost trades.

Perdue takes on Democrat Jon Ossoff in a Jan.5 runoff that will help determine whether Democrats or Republicans take control of the Senate.

Reporting by David Morgan; Edited by Lincoln Feast.

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