Transportation Secretary Elaine Chao Still Owns Shares She Pledged To Divest

“For the head of the DOT to have a financial interest in an asphalt company, that is not sending a message to employees of DOT that she is making ethics a priority.”

Transportation Secretary Elaine Chao still owns shares in a major construction firm despite pledging to divest them, according to a new report by the Wall Street Journal. Chao had served on the board of the company, Vulcan Materials, for about two years before joining the Trump administration as head of the Transportation Department.

In part of her ethics agreement, Chao said she would end her financial interests in the company by taking “a cash payout for all of my vested deferred stock units” by April 2018. But a financial disclosure report released by the Transportation Secretary’s husband, Senate majority leader Mitch McConnell (R-KY), revealed Chao had maintained ownership of somewhere between $250,000 and $500,000 worth of Vulcan stock.

The Wall Street Journal estimates Chao has netted more than $40,000 from the stock since April 2018, the date she agreed to cash out on her shares. The Transportation Secretary has been one of the most vocal advocates of President Trump’s plan to invest $1 trillion into U.S. infrastructure, and critics are concerned federal funds would be directly allocated to Vulcan, one of the nation’s largest suppliers of construction materials.

View the complete May 30 article by Peter Castagno on the Citizen Truth website here.