WASHINGTON — Transportation Secretary Elaine Chao failed last year to cash out her stock options in one of the nation’s largest suppliers of highway construction materials, despite a promise she had made to do so in a signed ethics agreement when she joined the Trump administration. Ms. Chao had served for about two years on the board of directors of the company, Vulcan Materials, an Alabama-based supplier of rock aggregate, which is used in road construction and many other building projects. The board position paid Ms. Chao $110,000 plus $151,000 in stock options in 2016, according to a filing by the company. She owned this stock because in April 2018 Vulcan paid her for her stock options in the company’s stock instead of cash, the company said in a statement. Details of her continued ownership of Vulcan stock were reported on Tuesday by The Wall Street Journal.

Source: New York Times May 28, 2019 19:52 UTC