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WSJ: Elaine Chao holds shares in company she promised to sell



According to the journal's report on Chao's finance forms and related documents, the Trump Cabinet official has maintained his position in Vulcan Materials Holdings, which has earned more than $ 40,000 over the past year.

In an ethics agreement at the beginning of the Trump administration, the Chao government told the ethical authority that she would not "personally and significantly engage in a particular issue where I know I have a financial interest" and said that She would resign from her position with Vulcan Materials and expected to receive a cash payment for her "established deferred shares" in 201
8 the year after she would separate from the company.
An economic information sheet with OGE from Chao from 2018 once again said she would receive cash payment from Vulcan Materials, but the magazine said she was instead compensated for leaving the company in shares of the company's shares and continuing to keep it instead of being paid.

A Department of Transportation spokesman told CNN on Tuesday that "departmental ethics officials have been working to clarify the term" cash payout "in the agreement to match what the company actually did" and maintained that Chao had followed its agreements to resign from the Vulcan Materials Board and to "not engage in direct and foreseeable impact issues" on the company.

A transport spokesman told the journal that the ethics agreement was defective and that the department's ethics official stated that Chao owns the shares was not a conflict of interest. The spokesman spokesman told CNN that the department's designated agency's ethics officer had ruled that holding the stock did not present any conflict of interest and that Chao would continue to be disqualified from "Vulcan issues" while holding the stock.

The journal also quoted OGE's former leader, Walter Shaub, saying it was probably not a legal conflict of interest. However, Shaub also told the journal: "For the head of DOT to have a financial interest in an asphalt company, it does not send a message to the DOT employees that she puts ethics in priority."

Chao is married to Senate Majority Leader Mitch McConnell, whose financial records are also mentioned.


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