Timing in Politics & Finance: Ask Richard Burr!

Will Richard Burr resign over "stockgate?"

     Timing in politics is very important. Just ask the United States Senators who were privy to early government reports about the coronavirus and possible economic devastation and who sold substantial stock holdings just prior to the big stock market downturn.

Republican Richard Burr is one of those. Senator Burr, who represents North Carolina, has asked for a Senate ethics committee investigation. Many—Democrats and Republicans; Liberals and Conservatives—have called for his resignation which, of course, should also be applied to the members of Congress who did the same as Burr who got out of the stock market when the getting was good.

      I wish I could have, but that’s neither here nor there.

      Maybe anyone elected to any office from council members to mayors to General Assembly members to Governors, Congressmen and Congresswomen, and U.S. Senators, and the President should be required to divest themselves of everything, withdrawing their right to earn income (low taxed capital gains) outside their elected office. (Donald Trump sets such a great example, doesn’t he?)

      That’s not going to happen, but that’s neither here nor there.

      What is here and there is if Senator Burr will resign or even consider it. He says his current term in the Senate will be his last, that he will not seek re-election in 2022. It seems public sentiment is for him to go now, at least that’s what most who are speaking up are saying. Even Thom Tillis, Burr’s North Carolina colleague, questions what Burr did.

        So, if he’s considering resignation, when? Because timing in politics is very important.

      If Burr resigns, North Carolina Governor Roy Cooper gets to appoint someone to the vacancy, but not just anyone. N.C. House bill 659—introduced in 2017, passed June 14, 2018—became a law June 26, 2018, 11 days after Governor Cooper failed to approve or veto the bill which says Cooper will have to choose from three names offered by the Republican Party Executive Committee. Previously, Cooper would have been able to select the Republican of his choosing without suggestions from the GOP committee.

        It gets better.

      Such an appointee, if made more than 60 days prior to the first next election for members of the General Assembly, would only serve through that first next election, Nov. 3, 2020. Therefore on that date there would be an election of a U.S. Senator to serve the final two years of Burr’s term. And, that would probably require primary elections to chose candidates for that ballot. Is there enough time for all of this?

      On the other hand, If Burr resigns effective Sept. 4, within the 60 days law, the Republican appointee would serve through the November election date and the final two years of Burr’s term, getting a head start on being elected again in 2022.

      For the Republican Party, if Burr is considering resigning to rid himself of this “stockgate” and if he wants to protect his party, he’ll wait until early September to vacate his seat. That just might be preferred by Governor Cooper because if Cooper is re-elected this year, he’ll probably run for the Burr seat in 2022, a free election for Cooper, so to speak. If he wins, he goes to Washington. If he loses, he stays for two more years as Governor.

      Yes, timing in in politics is very important.

      Prediction: Burr will not resign, but his situation makes for good political fodder. It’s also disappointing to see an elected official get briefed on the dangers of a danger and, though not necessarily profit from it, be able to cut his losses. 

      I wish I could have.