Transportation Secretary Elaine Chao still owns Vulcan Materials shares she had vowed to divest
Transportation Secretary Elaine Chao’s decision to retain shares in Vulcan Materials stands in contrast to the way previous DOT secretaries have handled potential conflicts of interest. Photo: Xinhua/Zuma Press By Ted Mann and Brody Mullins May 28, 2019 5:32 a.m. ET WASHINGTON—
Ms. Chao’s 2017 ethics agreement, which she signed before her confirmation, said she would receive a cash payout in April 2018 in exchange for the deferred share units she earned while serving on the board, effectively severing her financial ties to the company. The DOT’s top ethics official has determined that owning the shares doesn’t present a conflict of interest for Ms. Chao, who has disqualified herself from participating in matters involving Vulcan and will continue to do so, the DOT spokesman said. The spokesman said the language of the 2017 ethics agreement “is being clarified to avoid confusion.”
Federal Railroad Administrator Ronald Batory canceled stock awards from Consolidated Rail Corp., his previous employer, and sold his shares in Norfolk Southern Corp. and Union Pacific Corp. upon his confirmation to the job. Ethics experts said the decision to hold stock in a company whose business is related to the government agency’s mission is unusual.
The federal government pays for about one quarter of annual spending on highways, according to the Congressional Budget Office, with state and local governments picking up the remainder. Most of the DOT’s $86 billion budget is spent on grants to states and municipalities, whose spending on road projects is a major source of business for Vulcan, according to the company.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Uber and Lyft battle Los Angeles over the future of transportationScooters and electric bikes have become pawns in a power struggle between rideshare companies Uber and Lyft and the city of Los Angeles — a tug of war experts say will have far-reaching implications for quality of life in cities across the United States.
Leer más »
Gloria Allred says she had a back-alley abortion after she was raped at gunpointWomen's rights lawyer Gloria Allred says she had a back-alley abortion after she was raped at gunpoint. She started hemorrhaging and had to go to the hospital, where she says a nurse told her, 'This should teach you a lesson.'
Leer más »
Trump apparently doubts Pelosi mental fitness, wonders is she 'the same as she was'?President Trump and Speaker Pelosi trade jabs about mental fitness; president denies knowing about altered Pelosi videos, despite having tweeted an altered video of Pelosi on Thursday night.
Leer más »
The stock market would be much lower if it weren't for companies buying back their own sharesBuybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.
Leer más »
No plans to put Harriet Tubman on $20 bill next year: Treasury Secretary MnuchinTreasury Secretary Steven Mnuchin says that he isn't planning on putting Harriet Tubman on the $20 bill next year and that a redesign of the currency won't be issued until 2028.
Leer más »