Trump reportedly picks former senator as agriculture secretary after big campaign donations

Upper line

President-elect Donald Trump is expected to name former Sen. Kelly Loeffler as his nominee for agriculture secretary, CNN reported On Friday, the Georgia Republican stepped down after she and her billionaire husband spent more than $5 million to boost Trump during the election, ranking among his top donors.

Key facts

Trump is expected to offer Loeffler to the Department of Agriculture on Friday during a meeting at Trump’s Mar-a-Lago estate, according to anonymous sources cited by CNN, after the former senator was already named co-chairman of Trump’s inauguration committee.

Loeffler is married to billionaire Jeff Sprecher, who founded the global stock exchange operator Intercontinental Exchange, and she has long been a major GOP donor.

Loeffler donated approximately $3 million to political action committees supporting Trump or Trump’s campaign during the 2023-2024 election cycle, according to the Federal Election Commission applications up to and including 16 Oct.

Also speaking donated $2.2 million to Trump or Trump-affiliated PACs in his name during that period, ranking the couple as part of a few dozen billionaires who spent more than $1 million on Trump’s election.

Loeffler separately gave $1 million to the Republican National Committee, which a spokesman told Forbes in August was considered to support Trump.

What to look for

Federal filings for 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 that won’t be publicly reported for another few weeks.

Who is Kelly Loeffler?

While she gained national attention in Congress, Loeffler’s career has primarily been as a businesswoman. She worked as an executive at Sprecher’s Intercontinental Exchange and went on to run cryptocurrency firm Bakkt, a subsidiary of Intercontinental Exchange. Georgia Gov. Brian Kemp, R, appointed Loeffler to the Senate in 2019 to fill the seat left by Sen. Johnny Isakson when he resigned. Loeffler served only briefly as a senator from 2020 to 2021 when Senator Raphael Warnock deposed her by special election.

Why was Loeffler’s time in the Senate controversial?

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

Forbes valuation

Forbes estimates Sprecher’s net worth at $1.1 billion as of Friday afternoon.

Key background

Assuming she is announced, Loeffler will be one of a number of loyal Trump allies the president-elect is now rewarding with top positions in his administration, along with the likes of campaign manager Susie Wiles as 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 enter Trump’s administration, with the president-elect also appointing Linda McMahon, wife of wrestling mogul Vince McMahon, to lead 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 also spending millions through his America PAC, will also head a “Department of Government Efficiency” with billionaire Vivek Ramaswamy when Trump takes the White House, though it is expected to operate outside of government. Trump’s election was bolstered by billionaires donating heavily to super PACs supporting the former president, as Trump’s main campaign fund — which is subject to donation limits, unlike super PACs — lagged significantly behind Vice President Kamala Harris ‘ cash. While Harris outspent Trump by nearly three-to-1 ahead of Election Day in terms of their top campaign funds, federal filings suggest that the top 10 super PACs supporting Trump actually received more money than those supporting Harris.

Further reading

ForbesTrump’s cabinet and key jobs: Pam Bondi selected for AG after Gaetz retires
ForbesHere are Trump’s top billionaire donors
ForbesKamala Harris Has More Billionaires Prominently Endorsing Her Than Trump – Bezos and Griffin Weigh In (Updated)
ForbesThe richest politician on Capitol Hill is probably Georgia’s recently appointed, controversial Senator Kelly Loeffler