Energy Secretary Jennifer Granholm Sells Electric Bus Maker Stock After Republican Pushback

Oil - Former Michigan Governor Jennifer Granholm testifies before the Senate Energy and Natural Resources Committee during a hearing to examine her nomination to be Secretary of Energy, on Capitol Hill in Washington, DC, on January 27, 2021. (Photo by JIM WATSON / POOL / AFP) (Photo by JIM WATSON/POOL/AFP …
JIM WATSON/POOL/AFP via Getty Images

The Department of Energy Secretary Jennifer Granholm this week sold her holding in electric bus maker Proterra, according to a report.

Granholm’s stock sale comes after she previously received an ethics waiver to dump the massive holding and hearing pushback from Republicans demanding an investigation into her investment and alleged ongoing connection with the company.

Politico reported the Energy Department confirmed Granholm sold her holding in Proterra on Monday. The transaction reportedly delivered a net capital gain of $1.6 million, according to the department. The secretary now “fulfills the last of her obligations under her ethics agreement three months before an August deadline,” Politico reported.

Before joining the administration, Granholm was a board member for the electric bus maker but had to resign ahead of becoming secretary.

Reports earlier this year had shown the company had declared its plans to go public in a nontraditional initial public offering through a merger with a company called ArcLight Clean Transition Corp. The merger has still yet to be finalized, but some reports showed it could be very profitable for stockholders.

There were numerous calls from Republicans alleging she might be profiting from her connection with the company and the Biden administration’s push to have electric vehicles.

Politico reported Sen. John Barrasso (R-WY), the top Republican on the Energy and Natural Resources Committee in the Senate, who asked the Energy Department’s inspector general to investigate her connections with the company after Biden participated in a virtual event promoting the company.

Additionally, Rep. Ralph Norman (R-SC), who is the top Republican on the Environment Subcommittee in the House of Representatives, sent a letter to Granholm demanding documents to investigate her “longstanding relationship” and “multi-million-dollar stake” in Proterra.

The White House has repeatedly said Granholm had nothing to do with the planning of Biden participating in the virtual event with Proterra.

However, the secretary has been involved in the electric vehicle field since her time as Michigan’s governor. In addition, Granholm had been one of the key spokespeople for the administration’s major push to have efficient electric transportation. Granholm has even personally requested to have a lease of the new Mustang Mach-e model to show her support for clean energy.

Politico also reported that according to the Energy Department, Granholm had filed her ethics paperwork by Wednesday with the Office of Government Ethics.

“Secretary Granholm has acted in full accordance with the comprehensive ethical standards set by the Biden Administration and has completed her divestment well ahead of the time required by her ethics agreement,” a department spokesperson confirmed in a statement.


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