'Glaring red flag': Treasury DOGE team discloses bank stock holdings
Source: Politico
‘Glaring red flag’: Treasury DOGE team discloses bank stock holdings
Several former Treasury officials and government ethics experts said the disclosures raise ethics concerns.
By MICHAEL STRATFORD
05/14/2025 01:14 PM EDT
The Trump administration official overseeing the Treasury Department’s massive financial operations reported owning stock in many of the large banks and companies that do business with the department, according to disclosures obtained by POLITICO. ... Tom Krause, who is also the lead official for Treasury’s DOGE team, reported hundreds of thousands of dollars’ worth of shares in a wide range of financial companies, including those that provide services to the unit Krause oversees.
He and two other Treasury DOGE team members — Todd Newnam and Linda Whitridge— also reported owning shares of Intuit, the parent company of TurboTax, which has lobbied heavily against IRS Direct File, a program targeted for elimination by Elon Musk and DOGE. ... Krause, who is also the CEO of Cloud Software Group, has been leading Treasury’s DOGE team since January. In February, he also took on the duties of Treasury’s fiscal assistant secretary after David Lebryk, a longtime career official, resigned amid a clash over DOGE’s access to the payments systems.
As the top official overseeing Treasury’s Bureau of the Fiscal Service, Krause is at the helm of agency operations that include running the federal payments system and managing the cash and debt that finances the government.
Among his financial holdings were hundreds of thousands of dollars’ worth of shares of JPMorgan Chase, Bank of America, PNC and U.S. Bank. They are among the companies that provide financial services to the Bureau of the Fiscal Service as it disburses trillions of dollars of payments each year and seeks to collect debt owed to the government. ... He disclosed investments in other banks, such as Wells Fargo, Deutsche Bank, Morgan Stanley and Santander, which are among the financial institutions that purchase U.S. debt securities through Treasury auctions managed by the Fiscal Service.
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Read more: https://www.politico.com/news/2025/05/14/treasury-doge-disclosures-bank-stocks-00347972
= new reply since forum marked as read
Again.
Trying to keep my powder dry.
