Beatrice Lang
Jennifer Granholm, the former U.S. Secretary of Energy and Governor of Michigan, has been at the centre of several controversies regarding her stock holdings in electric vehicle companies. Granholm, who has been a longtime advocate for electric vehicles, has been accused of potential conflicts of interest and promoting companies in which she had a financial stake. In 2021, it was reported that she held shares in Proterra, an electric bus company, and owned stocks in six other companies, which were later deemed non-conflicting by ethics officials. Granholm also faced criticism for her husband's undisclosed investment in Ford Motor Company, a key player in the electric vehicle market. These incidents have sparked calls for investigations and raised questions about her ethical conduct.
| Characteristics | Values |
|---|---|
| Does Jennifer Granholm own stock in electric vehicles? | In May 2021, it was reported that Jennifer Granholm held shares in Proterra, an electric bus company. In May 2021, she sold her holdings in Proterra for a net gain of $1.6 million. |
| Has Jennifer Granholm ever owned stocks in other companies? | In June 2023, Granholm confirmed that she owned stocks in six companies, which ethics officials deemed "non-conflicting." She also stated that her husband had previously undisclosed investments in Ford Motor Company. |
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What You'll Learn
Jennifer Granholm's stock holdings
In May 2021, it was reported that Jennifer Granholm, the former US Secretary of Energy, held shares in Proterra, an electric bus company that the Biden-Harris administration had heavily promoted. Granholm had told the Senate Energy and Natural Resources Committee in April 2021 that she did not own any individual stocks, only to later admit that she did own stocks in six companies, including Proterra, which were deemed "non-conflicting assets" by US ethics officials. She sold her holdings in Proterra in May 2021, making a profit of $1.6 million.
Granholm's holdings in Proterra sparked criticism and concerns about a potential conflict of interest, especially after President Joe Biden conducted a virtual tour of a Proterra factory in South Carolina in April 2021. Republican Senator John Barrasso of Wyoming called for an investigation into Granholm's financial interests, including her holdings in Proterra and her husband's previously undisclosed investment in Ford Motor Company, a key player in the electric vehicle market.
In addition to her holdings in Proterra, Granholm has also expressed support for the electric vehicle industry and has been an EV owner herself, driving a Ford Mach-E. She has argued that owning an electric vehicle is not just a blue state or red state issue, pointing to the thousands of workers in red states who are employed in the electric vehicle industry. As the US Secretary of Energy, Granholm has faced scrutiny for her financial interests and potential conflicts of interest, with critics accusing her of using her position to promote companies in which she had a financial stake.
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Her husband's Ford Motor Co. stock
In June 2023, Jennifer Granholm's husband, Daniel Mulhern, was found to have a previously undisclosed investment in Ford Motor Company stock. Granholm, the former Energy Secretary, wrote to the Energy and Natural Resources Committee to inform them of this accidental omission, stating that she had mistakenly testified that she and her family did not own any individual stocks.
The Ford stock was sold on May 15, 2023, for just under $2,500. Granholm emphasised her commitment to ethical conduct and transparency, stating that she took seriously her commitment to uphold the highest ethical standards as a public servant. She expressed regret for the accidental omission of her spouse's interest in Ford.
The revelation of the Ford Motor Co. stock ownership by Granholm's husband sparked calls for an investigation by the top Republican on the Senate Energy panel, Wyoming Senator John Barrasso. He requested that the Energy Department's inspector general examine what he termed "multiple instances of questionable ethical conduct" by Granholm since the beginning of her tenure in 2021.
Granholm had previously faced criticism for her ownership of stock in Proterra, an electric bus company, which she sold in May 2021, earning a profit of $1.6 million.
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Proterra stock controversy
In May 2021, four months after her confirmation hearing, it was reported that Jennifer Granholm, the former US Secretary of Energy, held shares in Proterra, a California-based electric bus company. This caused controversy as the Biden-Harris administration had heavily promoted the company, leading to criticism from Republicans who noted the administration's focus on electric vehicles as part of its push to address climate change. Wyoming Senator John Barrasso, a Republican on the Senate Energy and Natural Resources Committee, asked the Energy Department's inspector general to investigate whether Granholm's ownership constituted a conflict of interest.
Granholm, who had been a Proterra board member, pledged during her confirmation hearing to recuse herself from any matters that would directly and predictably affect the company's financial interests until she sold her shares. She sold her holdings in Proterra in May 2021, three months before the deadline set by her ethics agreement, earning a profit of $1.6 million. Granholm stated that she had mistakenly provided false information about her family's stock holdings in her testimony, and US ethics officials deemed her remaining stock holdings to be "non-conflicting."
Despite fulfilling her obligations under the ethics agreement, Granholm faced further embarrassment in June 2023 when a widely touted "EV Road Trip" turned into a PR disaster due to inadequate charging infrastructure. In addition, during her tenure at the Department of Energy, Granholm was accused of other ethics violations, including conflicts of interest and using her position to promote companies in which she had a financial stake. These controversies have raised questions about the potential influence of financial interests on government decision-making and the adequacy of existing ethics agreements.
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Granholm's role in the Biden administration
Jennifer Granholm was the Energy Secretary for the entirety of the Biden administration. She was nominated for the role by President-elect Joe Biden in October 2023, and confirmed in May 2021.
Granholm's tenure at the Department of Energy (DOE) was marked by controversy over her personal investments in Proterra, an electric bus manufacturer that the Biden administration was promoting while she had a stake in the firm. She eventually sold her shares in May 2021, making a profit of $1.6 million.
Granholm was also a leading figure in Biden's War on Appliances and was involved in a PR disaster during a widely touted "EV Road Trip". While planning to fast-charge a caravan of EVs, her advance team realised there wouldn't be enough plugs to go around. The act prevented a family with an infant from recharging their vehicle, leading them to call the police.
During her time in the Biden administration, Granholm also oversaw the DOE's investment in cybersecurity tools and technologies to strengthen the resilience of US energy infrastructure. She worked to find a solution for spent nuclear fuel, which could help spur industry growth. Additionally, she was involved in the bailout of the auto industry, orchestrated during the waning days of the Bush administration.
Granholm's early acquaintance with Biden came when she stood in as his opponent during practice sessions for the 2008 vice-presidential debate. After Barack Obama's victory, she served as a member of the economic advisory team to Obama's transition. She also worked closely with the Obama administration as it oversaw the bailout of the auto industry.
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Granholm's board seats at Edison Intl and SoCalEdison
Jennifer Granholm, the former U.S. secretary of energy and a Democratic two-term governor of Michigan, has taken up board seats at Edison International and its subsidiary, Southern California Edison (also known as SoCal Edison or SCE).
Granholm's appointment to the boards of Edison International and SoCal Edison was announced on February 21, 2025, and she assumed her position on April 1, 2025. Pedro J. Pizarro, president and CEO of Edison International, welcomed Granholm, stating that the company looked forward to the guidance she would provide based on her understanding of the technical, political, and economic forces shaping the industry.
Granholm's appointment to the boards of Edison International and SoCal Edison has raised some concerns about potential conflicts of interest. During her tenure as Energy Secretary, Granholm awarded $600 million to a consortium of California utilities, including Southern California Edison. Additionally, Granholm had previously owned stock in Proterra, an electric bus company that the Biden-Harris administration heavily promoted. While she sold her holdings in Proterra in 2021, earning a profit of $1.6 million, her actions were criticized as a potential conflict of interest.
Granholm's time as Energy Secretary also saw almost 1,000 factories announce their plans to produce or expand clean energy product manufacturing in the U.S., with the DOE investing over $200 billion in thousands of clean energy projects, resulting in the creation of more than 400,000 jobs.
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Frequently asked questions
Yes, Jennifer Granholm, the former US Secretary of Energy, owned stock in Proterra, an electric bus company. She sold her holdings in May 2021, making a profit of $1.6 million.
Yes, Granholm has faced criticism and calls for investigation from Republicans and the GOP for her stock holdings and potential conflicts of interest. She has been accused of using her position to promote companies in which she had a financial stake. However, she has also stated that she mistakenly provided false information about her stock holdings and has committed to ethical conduct and transparency.
As the former US Secretary of Energy, Granholm has expressed confidence that more Americans will embrace electric vehicles (EVs). She believes that the benefits of owning an EV, such as cost savings and environmental concerns, will outweigh any initial reluctance. Granholm herself is a longtime EV owner and has shared her own experiences with the challenges of public charging on road trips.
