Trump transport secretary Elaine Chao still owns stock in a road-paving company despite promising to abandon it
More than a year after promising to get rid of her stock shares in a road-paving company, Transportation Secretary Elaine Chao still owns shares in that company, according to the Wall Street Journal.
The company in question is Vulcan Materials, a major supplier of stone, sand and gravel used for paving or building roads. The stock price in Vulcan has increased by 13% since April 2018, when Chao promised she would abandon her Vulcan shares — which, the Daily Beast reports, means she has gained over $40,000 since then.
Prior to being appointed secretary of transportation for the Trump Administration, Chao. who is married to Senate Majority Leader Mitch McConnell, served on Vulcan’s board. And the shares paid out to Chao in April 2018 were valued at almost $400,000; those shares were for compensation for her time on that board.