Sen. Josh Hawley (R-Mo.) pressed Energy Secretary Jennifer Granholm on her past stock trading history and conflicts of interest during a congressional hearing Tuesday.
What Happened: Granholm’s stock trading activity while serving as energy secretary continued to draw attention.
Hawley grilled Granholm during the hearing, telling those present that the energy secretary oversees over 130 energy officials who have made over 2,000 trades in companies, which in some cases they do work with.
"This is institutionalized corruption," Hawley said.
The senator shared a timeline with the court of Granholm previously saying she didn't own any individual stocks in April 2023. Granholm later admitted via a letter that she did own shares of several companies and preceded to sell them later.
"Why did you mislead this committee," Hawley asked.
Granholm admitted to the fault during the testimony.
"I believe that I had sold all individual stocks and I was incorrect," Granholm told Hawley and the court.
The energy secretary said she brought the error to the committee when realizing it and later sold the stocks.
Hawley told the court Granholm violated stock trading laws nine times previously and was accused of violations to the Hatch Act, which prohibits government employees from using their position to influence elections.
"You misled this committee," he said.
Granholm said she could not recall what the six stocks were that she owned and later sold, with the exception of one being Ford Motor Company (NYSE:F).
The energy secretary said the Ford shares were owned by her husband since he was young and she was unaware of the position.
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Why It's Important: Hawley continued to press Granholm after she admitted to the error and brought the issue public.
The senator referenced Granholm previously serving on the board of electric bus company Proterra and promoting the company's products as the energy secretary while she owned shares.
As the head of the Energy Department, Hawley also accused Granholm of overseeing others who have violated stock trading.
"You are presiding over institutionalized corruption in your energy department," Hawley said.
Hawley also accused Granholm of attending conferences funded by dark money from foreign billionaires.
"Who runs the energy department?" Hawley asked, referencing Granholm, the companies she owned stock in, or the foreign billionaires.
Hawley called for Granholm to be removed or to resign with his final time before the hearing moved on: "This record is just deplorable. It is despicable. It is outrageous."
He added: "This has got to change and frankly you should go."
The heated debate came as Hawley previously called for an investigation into Granholm when she admitted to owning stocks and falsely testifying under oath.
Hawley has been a vocal proponent of banning members of Congress and elected officials from buying and selling stocks and options while in elected positions. Hawley introduced the PELOSI Act in 2023, which stands for "the Preventing Elected Leaders from Owning Securities and Investment Act."
“As members of Congress, both senators and representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again,” said Hawley at the time.
Read Next: 10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)
Photo: Energy Secretary Jennifer Granholm via Shutterstock
