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.
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