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Commerce Secretary Nominee Parks $1 Million in Credit Union, Bank Accounts

WASHINGTON - Carlos Gutierrez, the nominee tapped by President Bush to become the next Commerce Secretary, has at least $1 million in credit union and bank accounts. Gutierrez had to list his financial holdings as part of the Senate's confirmation on Jan. 5, which were made public on Jan. 6...

By Staff Writer | Updated on January 18, 2005

WASHINGTON – Carlos Gutierrez, the nominee tapped by President Bush to become the next Commerce Secretary, has at least $1 million in credit union and bank accounts. Gutierrez had to list his financial holdings as part of the Senate’s confirmation on Jan. 5, which were made public on Jan. 6 by the Office of Government Ethics. The former Kellogg chief executive’s assets included up to $25 million in that company’s stock. In 2003 and 2004, that stock brought Gutierrez’s between $100,000 and $1 million in dividends. His income at Kellogg included $14.5 million in compensation; $56,000 for serving on the W.K. Kellogg Foundation Trust board of directors and $50,500 for his work on the Colgate-Palmolive board of directors. The name(s) of the credit union(s) Guiterrez belongs to were not readily available, according to an Office of Government Ethics spokeswoman. Bush nominated Gutierrez in November to succeed former Commerce Secretary Don Evans.

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