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Energy Secretary Jennifer Granholm violated stock disclosure law 9 times


Jennifer Granholm, Secretary of Energy, answers questions at a White House media briefing on November 23rd, 2021 in Washington.

Evelyn Hockstein | Reuters

WASHINGTON — Jennifer Granholm (Energy Secretary) violated the STOCK Act at most 9 times in 2012. She sold shares of stock valued up to $240,000, and failed to report those sales within the period required by the 2012 law.

According to Federal disclosure documents, Granholm stock sales dates ranged between April and October. by Business Insider. Granholm failed to disclose the details until mid-December. Granholm was unable to do so in many cases six months after the reporting deadline.

Granholm submitted her disclosures. Dec. 15 Dec. 16This report reveals 9 stock sales, with some dating back as far ago as April 2013.

Granholm discloses that transactions were comprised shares of Redfin real estate website worth $16,000 to $75,000

Also, shares were sold in Uber’s ride-hailing service Uber for up to $50,000. Invesco is a financial services company that was also valued at up to $50,000.

STOCK Act increased accountability and reporting requirements regarding financial holdings for both members of Congress as well as high-ranking employees of Executive Branch such Granholm.

Granholm used standard transaction forms that specifically stated that stock transactions had to be reported not later than 45 calendar days following the transaction. But, it also states that filings must be made within thirty days from receiving “notification” about their transactions.

Granholm set a checkbox on her December forms to claim it. Less thanShe was notified about the transactions within 30 days. It appeared that she had completed one portion of the form but was not meeting the deadline.

Many public officials and elected officials hand over their management of portfolios to advisors, who then make the buying and selling decisions. But, lying about not knowing of stock transactions isn’t a reason to violate the STOCK Act.

CNBC spoke with a spokesperson for the energy department, who said that the ethics office at the Department of Energy has certified, on the basis of her reports, that Secretary Granholm is in compliance to the law.

Questions about when or why disclosures came so late were not answered by her.

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Granholm didn’t receive notification about the stock sale until December or November, as she disclosed. Granholm also sold other stocks in that same time period to remove any possible conflicts of interest.

Granholm, who was appointed by President Joe Biden as his Energy Secretary, signed an extensive Ethics Agreement where she agreed not to work part-time at CNN or at University of California. She also promised to quit her positions on several boards and to sell stock worth millions of dollars.

Her March 22 stock sale report included 23 stocks, most of which were blue chip companies that she held more than $10,000 in shares.

Granholm submitted more transaction reports in May detailing her exercise of stock options at Proterra, an electric bus company, and she then sold all her shares on May 24, worth $1 million to $5 million.

Granholm sold 6 shares of the 9 stocks between the Proterra and March bluechip sale. The remaining stock sales weren’t made public until December.

Granholm’s violations are reported at a time stock sales by members and public officials of Congress are receiving a new look.

The past week has seen a variety of Congress members, Republicans and Democrats, introduce or reintroduce legislation which would ban legislators and their immediate relatives from stock trading while in office.

54 Congressmen infringed on the STOCK Act last year. according to an analysis by Business Insider’s Dave Levinthal published earlier this month.

The public is increasingly expressing support for a ban. It is possible to get involved in the campaign. recent survey commissioned by a conservative advocacy found that 76% of voters believed that lawmakers and their spouses had an “unfair advantage” in the stock market.

Convention of States Action also conducted a survey and found that only 5% of voters approve of Congress members trading stock.