Biden nominees’ ethics promises on crypto, university and business ties By Reuters

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WASHINGTON (Reuters) – Several of President Joe Biden’s nominees to head key U.S. agencies are selling stocks and vowing to seek ethical exemptions if they have to oversee matters in which they have had personal interests, according to new documents filed with the Office of Government Ethics. . Biden has asked federal employees to sign reinforced ethical commitments and said that no family member will work in the White House. Multiple conflicts of interest arose in the previous Donald Trump administration. US Treasury Secretary Janet Yellen last week obtained a waiver from Treasury ethics lawyers before bringing together top financial regulators to study price volatility at GameStop Corp (NYSE 🙂 and other stocks. Yellen had received $ 700,000 in conference fees from Citadel LLC, a hedge fund at the center of the retail equities frenzy, and had pledged to https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index / 18A4D129DD5675888525864F0081071C / $ FILE / Yellen,% 20Janet% 20L.% 20final% 20EA.pdf to request permission to deal with matters that directly involve the company. GARY GENSLER’S, SECURITIES AND STOCK COMMISSION NOMINEE Biden’s nominee to head the Securities and Exchange Commission (SEC) may apply for an ethics waiver to engage in cryptocurrency matters if they affect his royalty payments from an online course that created on the subject at the Massachusetts Institute of Technology. Gensler, who has advocated for stricter regulation of bitcoin and other cryptocurrencies, pledged in his ethics letter https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/189962C0F69D8B18852586740032EC79/$FILE/Gensler, % 20Gary% 20% 20finalEA.pdf to resign from an economics chair at MIT, but will continue to receive royalties associated with his intellectual property in the MIT Media Lab’s online cryptocurrency course. Gensler said he “will not participate personally and substantially. on any particular matter that, to my understanding, has a direct and predictable effect on any royalty and / or other rights that result from my intellectual property interest unless I first obtain a written waiver. ” $ 2,600 MIT Media Lab Online Course https://www.getsmarter.com/products/mit-media-lab-cryptocurrency-online-short-course announces that it helps participants understand cryptocurrencies including bitcoin, ethereum and those developed by MIT. Vault. The course is “designed for anyone seeking a working knowledge of the latest cryptocurrency developments and the skills to assess the feasibility of crypto projects.” It rose 16% on Monday after billionaire Elon Musk’s electric vehicle company Tesla (NASDAQ 🙂 revealed that it had bought $ 1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars. Gensler has also pledged to resign from the FinTech Advisory Group of the Federal Reserve Bank of New York and several family investment trusts. SAMANTHA POWER, NOMINATED TO USAID ADMINISTRATOR Biden’s election to lead the United States Agency for International Development (USAID) said in remarks that she would take a two-year unpaid leave of absence from her teaching position at the University of Harvard, where he earned $ 470,000 in salary. and research stipends. She agreed in her ethics letter https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/06F037D03C4E27FD852586750032EAC3/$FILE/Power,%20Samantha%20%20finalEA.pdf not to participate personally or substantially in matters that can have direct and predictable effects on Harvard’s financial interests without a written waiver. She also pledged to apply for an exemption in matters involving parties included or represented by Harvard, as long as her husband, Professor Cass Sunstein, is an employee of the university. Power also said it would divest its interests in pharmaceutical company Johnson & Johnson (NYSE 🙂 Co no later than 90 days after its confirmation. In a separate financial statement https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/EE0AAA787C47686D852586750032E8BB/$FILE/Power,%20Samantha%20%20final278.pdf, it said that these shares were valued between $ 15,001 and $ 50,000. Power also revealed several paid speaking engagements, including one for UBS last year, where he earned $ 56,000. VIVEK MURTHY, NOMINEE FOR US SURGEON GENERAL Vivek Murthy, chosen to reprise his role as a surgeon general in the later years of the Obama administration, has pledged to resign from his position at the medical device companies SVN Med LLC and L&N Baby, The Behavioral Health Group, Attention media agency, and various boards, including the US Olympic and Paralympic Committee, agreed to their ethics letter https://extapps2.oge.gov/201/Presiden.nsf /PAS+Index/333BFF4612049174852586730032EE13/$FILE/Murthy,%20Vivek%20%20finalEA.pdf to not personally participate in matters involving these entities without first requesting prior authorization from ethics attorneys from the Department of Health and Human Services. In a separate financial disclosure, Murthy said it received more than $ 1.6 million in consulting fees from Netflix Inc (NASDAQ :), Airbnb Inc, Carnival (NYSE 🙂 Corp, and Estee Lauder Companies Inc (NYSE :). He also received shares from Airbnb. Murthy said in his ethics letter that he would sell Airbnb’s shares within 90 days of their confirmation, as well as his shares in companies like Apple Inc (NASDAQ :), Broadcom (NASDAQ 🙂 Inc, Colgate-Palmolive (NYSE: ) Co, Costco (NASDAQ :), CVS Health (NYSE :), Goldman Sachs Group Inc (NYSE :), Honeywell International Inc (NYSE :), Marvell (NASDAQ 🙂 Technology Group Ltd, Microsoft Corp (NASDAQ :), Nike Inc (NYSE :), NortonLifeLock (NASDAQ 🙂 Inc, Papa Inc., Salesforce.com Inc (NYSE :), Starbucks Corp (NASDAQ :), United Parcel Service Inc (NYSE 🙂 and Verizon Communications Inc (NYSE :).