William Daley, President Barack Obama’s new chief of staff, filed a notice with the Securities and Exchange Commission today to sell 186,190 shares of JPMorgan Chase & Co. that he valued at almost $8.3 million.
The approximate date of sale was listed in the filing as today and comes as Daley, a former JPMorgan executive, divests his holdings to work at the White House.
To join the White House, Daley can’t hold a specific equity, such as the JPMorgan shares, unless he seeks a waiver. Like all top federal executives, judges and members of Congress, Daley also must disclose assets, liabilities and memberships on boards to comply with conflict-of-interest rules under a 1974 ethics law. Those documents, due within 30 days of assuming the job, will give a fuller picture of Daley’s wealth.
He replaced Pete Rouse, whom Obama named on Oct. 1 to fill the role on an interim basis after Rahm Emanuel resigned to run for mayor of Chicago. Daley is the brother of the city’s current mayor, Richard M. Daley, who is retiring.
JPMorgan fell $1.04 today to $43.71 in New York Stock Exchange composite trading.
Daley’s background in business and finance -- he joined New York-based JPMorgan, the second-biggest U.S. bank by assets, in 2004 -- was among the reasons Obama picked him for the job.
Daley was President Bill Clinton’s commerce secretary from January 1997 to June 2000. He served as president of SBC Communications Inc., now AT&T Inc., for more than two years before moving to JPMorgan.
To contact the editor responsible for this story: Mark Silva in Washington at firstname.lastname@example.org.