Report: Elaine Chao still owns shares in stock she promised to divest

Transportation Secretary Elaine Chao reportedly still owns stock in a construction company that she previously promised to divest from upon taking office.

The Wall Street Journal reported Tuesday that federal disclosure forms show Chao to be the owner of nearly $400,000 worth of stock in Vulcan Materials Co., a major supplier of materials for road pavement and other construction projects, more than a year after she promised to trade the shares for a cash payout.

The cash payout has yet to occur, the Journal reported. A spokesman for the Department of Transportation (DOT) told the newspaper that the language of an ethics agreement signed in 2017 stating that the exchange would occur in April of 2018 “is being clarified to avoid confusion.”

A top ethics official at the agency has determined that the shares do not present a conflict of interest, the spokesman continued, because Chao has recused herself from all issues related to the company.