Commerce Secretary Wilbur Ross didn't divest from foreign companies until a reporter found out he broke his promise


Commerce Secretary Wilbur Ross told the Office of Government Ethics that he had divested from foreign companies, then kept his holdings for months, a Forbes investigation published Monday found.
Ross kept his stakes in a company co-owned by the Chinese government, a shipping firm linked to the Kremlin, and a Cyprus bank that is entangled in the investigation led by Special Counsel Robert Mueller. He pledged to rid himself of all possible conflicts of interest, but he and his family continued to do business with foreign companies affected by Ross' decisions as a government official.
After Forbes contacted him asking about his holdings, Ross said through a spokesperson that his financial disclosures would soon more accurately reflect his holdings. Soon after Ross learned that damaging stories would be published in the fall, the commerce secretary shorted stock in the Kremlin-linked company, setting himself up for more profit.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"The secretary did not lie," said the spokesperson, emphasizing that Ross did eventually divest. However, Forbes reports that Ross may have broken one policy by misrepresenting his finances in a sworn statement. He has reportedly amended that statement since then. Read more about Ross' tangled financial web at Forbes.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
October 13 editorial cartoons
Cartoons Monday's political cartoons include Donald Trump's consolation prize, government workers during shutdown, and more
-
Can Gaza momentum help end the war in Ukraine?
Today's Big Question Zelenskyy’s request for long-range Tomahawk missiles hints at ‘warming relations’ between Ukraine and US
-
The Israeli hostages and Palestinian prisoners being released
The Explainer Triumphant Donald Trump addresses the Israeli parliament as families on both sides of the Gaza war reunite with their loved ones
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance