Senator Josh Hawley is fighting for transparency in the US Department of Leadership and Congressional legislators. He asked Energy Secretary Granholm a number of questions about insider trading. He also asked her if she owned stocks in companies that were under her jurisdiction.
Granholm, according to Breitbart’s report, denied owning individual shares in companies related to Energy Department.
When Hawley asked her, “Do you have individual stocks, Madame Secretary?” she replied, “No, I am invested in mutual funds.”
Granholm finally admitted, however, that she owned stocks in companies from which she could have directly benefited financially by making decisions under her authority.
Hawley told Granholm that he believed it should be illegal for Congress to deal in stocks. When he proposed such a ban, Granholm enthusiastically supported Hawley’s proposal, saying she “would not object to that.”
NEW: Biden Administration Energy Secretary Jennifer Granholm supports Hawley proposals that would ban stock trading by Members of Congress and executive branch officials. pic.twitter.com/gqaozIVMYd
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Abigail Marone April 20, 2023
Hawley wrote a letter after Granholm admitted her guilt to West Virginia Democrat Sen. Joe Manchin, asking him to hold a hearing about Granholm. Manchin is chairman of the Energy and Natural Resources Committee. Halwey’s note noted that Granholm had violated ethics laws in the past. In 2021, she violated the Stock Act by failing to disclose nine stock transactions. The stock trades were with companies that had lucrative government contracts, such as Gilead Sciences or Redfin.
Granholm waited almost two months before correcting the record after she denied having energy-related stocks. Hawley’s reply stated:
“The facts in Secretary Granholm’s situation are disturbing.” How did you not know you owned stocks in specific companies? How can you not have checked this after you’ve been caught breaking ethics laws for the first time? Why did she wait seven week to correct her record?
These revelations are in the context of a Department of Energy that has serious, systemic issues with ethics compliance. This is especially true when it comes to stock holdings and conflicts of interests. I, therefore urge you to convene an hearing with Secretary Granholm in order to discuss both the Secretary’s false testimonies and the steps that the Department is taking to make sure senior officials comply with federal ethical laws.”
Hawley had confronted Granholm during her previous questioning with facts about energy officials holding stock in companies such as Exxon and Chevron. Granholm was asked why she sold her stock when she said it didn’t influence her actions. She replied that it was different as a Department Head and that she had signed an ethics agreement. Hawley said Biden did the right thing by having Granholm sign a divestment agreement, saying that agencies owning stock they can influence financially through their decisions “looks bad.”
Sen. Hawley said: “28 Energy Department employees own stock in Exxon; 17 officials own Chevron; 15 hold both.”
Energy Sec. Granholm: It doesn’t affect or involve our actions in any way.
Sen. Hawley : “Then, why did you sell it?”
Granholm: “It’s different… pic.twitter.com/3wdcsEfRLj
Real Mac Report (@RealMacReport), April 20, 2023
A Wall Street Journal report that exposed possible misconduct brought additional attention to how Congress, federal agencies and their employees profit from related stocks. The WSJ reported that insider trading was common among federal agencies and lawmakers. “More than 130 Energy Department officials reported 2,700 trades in shares, bonds and options of companies that ethics officers labelled as related to the agency’s work.”
