Former Biden Admin Official Violated Ethics Rules By Holding Energy Stocks, Gov’t Watchdog Says
A former top official at the U.S. Department of the Interior (DOI) reportedly violated federal ethics rules by improperly holding investments in major oil companies Exxon Mobil and Chevron, according to a report from…
A former top official at the U.S. Department of the Interior (DOI) reportedly violated federal ethics rules by improperly holding investments in major oil companies Exxon Mobil and Chevron, according to a report from the agency’s Office of Inspector General released Tuesday.
Tommy Beaudreau, who served as the DOI’s deputy secretary under President Joe Biden until he stepped down in 2023 after facing pressure from environmental activists, reportedly failed to monitor his investments in major oil companies ExxonMobil and Chevron, leading to an inadvertent conflict of interest, the report states. The report details that Beaudreau’s financial adviser made unauthorized purchases of ExxonMobil and Chevron stock in June 2022, of which Beaudreau remained unaware until a year later.
Despite having a financial stake in these companies, Beaudreau reportedly participated in a regulatory meeting on June 14, 2023, affecting both Exxon and Chevron, the report added. The meeting addressed new safety requirements for oil and gas well operations in the Gulf of Mexico, a response to the Deepwater Horizon disaster, and Beaudreau stated to agency ethics officials that he did not propose any changes to the rule during this meeting.
At the time of purchase, the Exxon stock was valued at approximately $4,920, and the Chevron stock at about $4,880, the report stated.
“Beaudreau was prohibited from owning these investments in any amount without a waiver from the DAEO . Beaudreau told us that he did not authorize Portfolio Manager to make these purchases, and we found no evidence that he did so,” the report said.
Beaudreau discovered unauthorized stock purchases on June 11, 2023, including ExxonMobil and Chevron, in his investment account while preparing his annual public financial disclosure, the report revealed. He then instructed his portfolio manager to revert these transactions and reported the issue to the DAEO on June 13, 2023, leading to an extended disclosure filing deadline to July 13, 2023.