Get the Truth: Senator McConnell's Record on Stock Trading

LIE: Senator McConnell had private calls with the Treasury Secretary during the 2008 financial crisis and gained an unfair advantage to rearrange his financial portfolio. 

The Truth:

- Senator McConnell no longer owns individual stocks due to potential conflicts of interest.  

“Additionally, McConnell long ago divested himself of individual stocks to eliminate any appearance of impropriety regarding legislation that might impact an individual company.” (John David Dyche, “John David Dyche: Mitch McConnell's Money,” Courier Journal, 12/6/11)

- Senator McConnell does not make stock trades. 

“He does not make his own trades to his funds, relying instead on the advice of an investment adviser.” (Kimberly Kindy, Scott Higham, David S. Fallis and Dan Keating, “Lawmakers reworked financial portfolios after talks with Fed, Treasury officials,” Washington Post, 6/24/12)

- The trades in 2008 were suggested by Merrill Lynch. 

“The adviser, who works for Merrill Lynch in Louisville, Barry Barlow, said he conducts periodic readjustments of McConnell’s portfolio. The moves he made at the end of that January were suggested by Merrill Lynch, not the senator.” (Kimberly Kindy, Scott Higham, David S. Fallis and Dan Keating, “Lawmakers reworked financial portfolios after talks with Fed, Treasury officials,” Washington Post, 6/24/12)

- Senator McConnell never spoke to his investment adviser in 2008 about any stock trades. 

“McConnell’s attorney, Russell Coleman, said the trades were authorized by a staff member who worked for the senator. She relayed Barlow’s request to McConnell, who then gave Barlow permission to make the trades, Coleman said. “They never spoke directly to the senator,” he said. “It’s an important distinction.” (Kimberly Kindy, Scott Higham, David S. Fallis and Dan Keating, “Lawmakers reworked financial portfolios after talks with Fed, Treasury officials,” Washington Post, 6/24/12)