Joe Biden’s nominee for Secretary of Energy, Jennifer Granholm, owns not less than $1 million of stock in electric vehicle and battery development, which will be going public this year. Granholm was Michigan’s first female governor some time ago and has become part of the Proterra board, being a member for the last four years.
Granholm has shares exceeding $2 million in the stock of the company. This data came from a financial disclosure statement submitted before her consideration to take office in question. Proterra explained that it would be going public via a merger organized with a unique purpose acquisition company known as ArcLight Clean Transition. The agreement will be effective before June after the shareholders of ArcLight authenticating this deal. Moreover, the company will now list among the traders on the Nasdaq stock market.
Granholm will be resigning from her position on the Proterra board, although she may associate with the company’s public dealings provided the deal is approved. The ethics disclosure that she signed requires her to sell off her shares once they become active, and she has been allocated a grace period of six months.
This concept means that she can maintain her ownership of the stock until the company becomes public. The former ethics lawyer, Richard Painter, stated that it would be best if she were out of the shares plan before assuming the office to maintain ethical standards. The head of the ethics counsel at Citizens for Responsibility and Ethics in Washington, Virginia Canter stated that the company might have some bureaucratic regulations hindering the executive’s shares’ divestment into other projects.
However, the Biden transition team and Proterra representatives did not address the nominee’s stocks’ issues. Granholm can divest her stocks, which would involve her dissociation from the company’s activities after entering the office stipulated by the Biden transition team. Granholm’s financial disclosure indicates that her investment is in Proterra only.
Apart from her stocks in Proterra, Granholm and her husband have shares in other companies like Duke Energy, where they are at a maximum of $30000, First Solar, where they are above $50000; and Albemarle, where the shares are within $10000. The family has heavily invested in clean energy programs and shares because they are the new high-performing stocks in the American market. The executive has enough time to either divest her shares or sell them before she can be declared fit for holding a government office by the US laws.