•   
  •   
  •   

Politics Commerce Secretary Ross admits ethical lapses in asset reporting

07:00  13 july  2018
07:00  13 july  2018 Source:   reuters.com

Scott Pruitt's resignation as EPA chief heralded by some lawmakers as 'long overdue'

  Scott Pruitt's resignation as EPA chief heralded by some lawmakers as 'long overdue' Environmental Protection Agency chief Scott Pruitt’s resignation was “long overdue,” some lawmakers said as President Trump announced the Cabinet change on Thursday. Pruitt, 50, and his office, which he led since 2017, had come under fire for extravagant spending habits, including on first-class travel, pay raises to top aides and a $43,000 soundproof booth. In announcing his resignation on July 5, Trump said Pruitt had “done an outstanding job” leading the EPA and “will always be thankful to him for this.”The resignation sparked varied responses from lawmakers.Republican Rep.

“ Secretary Ross has never had to seek, nor received, any ethics exemption,” Mr. Rockas said, “and he works closely with Commerce Department ethics officials to ensure the highest ethical standards.” The underlying assets were not specified. Photo. Mr. Ross at Trump Tower in Manhattan last year.

US Commerce Secretary Wilbur Ross held assets for much of last year that created conflicts of interest and has since transferred ownership to a family trust instead of divesting outright, Forbes reported Monday.

Wilbur Ross wearing glasses: Wilbur Ross testifies on Capitol Hill in Washington© REUTERS/Kevin Lamarque Wilbur Ross testifies on Capitol Hill in Washington

U.S. Commerce Secretary Wilbur Ross on Thursday admitted ethical lapses in reporting on his financial assets and said he would sell all of his remaining stocks after receiving a critical letter from the federal ethics agency.

"I have made inadvertent errors in completing the divestitures required by my ethics agreement," Ross said in a statement.

"To maintain the public trust, I have directed that all of my equity holdings be sold and the proceeds placed in U.S. Treasury securities," he said.

A letter from the U.S. Office of Government Ethics (OGE) sent to Ross on Thursday noted "various omissions and inaccurate statements" in disclosure and compliance documents submitted in the past year.

British Brexit Secretary David Davis resigns - source

  British Brexit Secretary David Davis resigns - source British Brexit Secretary David Davis has resigned because of how a meeting to hammer out a cabinet agreement for Prime Minister Theresa May's plans to leave the European Union was handled, a source close to the minister said on Sunday.EARLIER: LONDON, July 8 (Reuters) - British Brexit Secretary David Davis has resigned because of how a meeting to hammer out a cabinet agreement for Prime Minister Theresa May's plans to leave the European Union was handled, a source close to the minister said on Sunday.

Secretary Wilbur Ross released reports on the U.S. Department of Commerce ’s investigations into the impact on our national security from imports of steel mill products and from imports of wrought and unwrought aluminum.

Wilbur Ross stands to profit from company run by Russians, some of whom are under US sanctions.

It said the billionaire investor had reported two sales of Invesco Ltd stock in 2017 after the date by which he had agreed to divest his holdings.

"You also opened new short positions on various holdings that you committed to divesting in your Ethics Agreement, in contravention of that agreement," the OGE letter said.

In the ethics agreement published in January last year, Ross vowed to sell shares in Invesco valued at up to $50 million.

He also pledged to divest financial interests in some 80 entities, including ownership stakes in companies and investment partnerships, stocks and bonds to avoid conflicts of interest.

The OGE said an investigation by an ethics official at the Commerce Department found no indication of violation of primary conflict of interest law.

"However, your failure to divest created the potential for a serious criminal violation on your part and undermined public confidence," it said.

(Reporting by Eric Walsh; Editing by Toni Reinhold)

Stocks fall as earnings season rolls on, IBM shares jump .
<p>Stocks opened lower on Thursday as investors digested the latest batch of corporate earnings, while trade fears simmer.</p>IBM shares rose more than 2.5 percent after the Dow component reported earnings and revenue that surpassed expectations. American Express, another Dow member, posted a profit that was just above estimates, while sales came in slightly below estimates. Shares of American Express fell 3 percent.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!